University of California, Los Angeles: According to reports, Under Armour has agreed to pay UCLA little over
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$67 million to resolve a lawsuit brought after the garment manufacturer attempted to terminate the university's
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15-year, $280 million contract. According to a settlement document the Los Angeles Times was able to get,
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the settlement was dated May 26. At first, UCLA asked for more than $200 million in compensation.
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According to the paperwork, the agreement went into effect on the day the university's Board of
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Regents formally approved it. In May 2016, the university and the large clothing company signed a
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sponsorship agreement. The issue emerged after Under Armour informed UCLA in writing that the agreement
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would end in June 2020. In Los Angeles County Superior Court, the institution filed a lawsuit. Later, according
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to the Times, Under Armour counter-sued after the institution allegedly covered the company's emblem
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with social justice patches on the uniforms of various sports teams. According to the document, the
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settlement was reached in order to "prevent future time and resource expenditure and to otherwise address
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the Dispute and the Action." According to the agreement, Under Armour will provide the institution a single cash
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payment of slightly under $67.5 million. After May 26, the money had to be transferred via wire transfer.
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