Crocs and Skechers Announce Settlement of Litigation
Crocs, Inc. (NASDAQ:CROX) and Skechers, Inc. (NYSE:SKX) today announced that they have agreed to settle all outstanding worldwide litigation, including a US District Court action in Colorado.
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NIWOT, Colo.–Crocs, Inc. (NASDAQ:CROX) and Skechers, Inc. (NYSE:SKX) today announced that they have agreed to settle all outstanding worldwide litigation, including a US District Court action in Colorado. The lawsuits concern Crocs’ proprietary footwear and allege that Skechers infringed a number of Crocs’ Patents and its trade dress. Skechers denied all of the allegations and filed counterclaims against Crocs.
The lawsuits were resolved this week when the parties were able to agree on settlement terms that are mutually acceptable to both companies. While specific terms of the agreement are confidential, Skechers has agreed to discontinue production and sale of certain molded footwear styles and focus on its core footwear styles. The companies jointly stated, â€œWe are pleased that we were able to resolve these matters without either side having to absorb the energy and expense that ongoing litigation requires. The companies expect that all pending matters will be disposed of within the next 30 days.â€
About Crocs, Inc.
Crocs, Inc. is a designer, manufacturer and retailer of footwear for men, women and children under the Crocsâ„¢ brand.
All Crocsâ„¢ brand shoes feature Crocs’ proprietary closed-cell resin, Crosliteâ„¢, which represents a substantial innovation in footwear. The Crosliteâ„¢ material enables Crocs to produce soft, comfortable, lightweight, superior-gripping, non-marking and odor-resistant shoes. These unique elements make Crocsâ„¢ footwear ideal for casual wear, as well as for professional and recreational uses such as boating, hiking, hospitality and gardening. The versatile use of the material has enabled Crocs to successfully market its products to a broad range of consumers.
Crocsâ„¢ shoes are sold in 100 countries and come in a wide array of colors and styles. Please visit www.crocs.com for additional information.