On Monday afternoon, Nike Inc. (NYSE: NKE) and Apple Inc. (NASDAQ: AAPL) agreed to settle a class action lawsuit regarding the Nike+ FuelBand.
The class-action lawsuit was brought to Nike Inc. and Apple Inc. by consumers, regarding the FuelBand’s ability to produce the intended result such as accurately tracking steps and calories. The lawsuit alleges that the two companies misled consumers about the devices’ accuracy, which was retailed for over $149 per band.
Many of the claims alleged that false or misleading statements were made regarding the Nike+ FuelBand’s capabilities, ranging from tracking steps accurately, to counting calories. These claims were first made as early as 2013.
While Nike and Apple deny the claims, according to the terms of this settlement, Nike will be responsible for settlement payments. Apple did not respond to requests for comment.
Nike Inc. and Apple Inc. ‘s shares were down as the market closed on Monday, by 1.12% and 1.39%, respectively, but has slightly rebounded since this morning’s open.