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Reebok, Nike settle suit over Tebow apparel sales

Reebok International Ltd agreed to settle a lawsuit by rival Nike Inc, and will stop selling New York Jets football apparel with the name of the team’s popular new quarterback, Tim Tebow.

According to settlement papers made public on Tuesday, Reebok will halt the sale of Jets-related apparel bearing the Tebow name that was distributed last month, and offer to buy apparel already shipped to retailers.

Nike sued Reebok on 27 March, six days after the Jets’ trade for Tebow with the Denver Broncos sparked a rush to buy green Jets jerseys and T-shirts with Tebow’s name.

(Source: CNBC)