23 August, 2016
Monday it said it will donate a $50,000 portion of Lochte's fee to Save the Children for children in Brazil.
"We can not condone behavior that is counter to the values this brand has long stood for", Speedo said in a statement.
The apology was not Lochte's first to try to correct the record of what happened the night he had initially said he was robbed at gunpoint.
Swimsuit maker Speedo USA and mattress maker Airweave announced that they are dropping Lochte days after the 12-time Olympic swimming medalist apologized for his actions, which resulted in two teammates with him in the altercation to be pulled from a flight back to the United States to be interviewed by local police. Lochte, 32, had been with the company for over a decade. The swimsuit maker owned by PVH in NY says that it doesn't condone behavior that is counter to its values. Ralph Lauren says its sponsorship of Lochte was specifically in support of the Rio Olympics and the contract will not be renewed. The company says it's sponsorship deal with the swimmer was for the Rio Olympics, and it won't be renewing that contract. Speedo also sponsors USA Swimming.
"We appreciate his many achievements and hope he moves forward and learns from this experience", the company said in a statement.
"I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years", Lochte said.
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Meanwhile a spokesperson for the British Transport Police revealed "nothing out of the normal" had taken place across the night. Apart from the boon to party revellers in the city, the night service would aid the capital's many night workers.
"As long as he is a respectable athlete, he will remain a U.S. ambassador for Airweave as long as our partnership agreement remains effective", Motokuni Takaoka, CEO of Airweave, had said in an email.
Lochte's false claims caused the Olympic authorities huge embarrassment, highlighting security worries at a Games where Brazil has deployed 85,000 police and soldiers - double the number used in the 2012 London Games.
In televised interviews that first aired Saturday, Lochte backtracked and said he "over-exaggerated" the story.
Lochte made it back to the US on Wednesday, while Conger, Bentz and Feigen remained in Brazil to face questions about what exactly occurred at the gas station where the incident took place.
Speedo initially said it was following the situation and that it has a policy not to comment on ongoing legal investigations. But I know what I did was wrong. "I wasn't lying to a certain extent", he said. He finished fifth in the 200-meter individual medley, far behind longtime rival Michael Phelps, but did help Phelps and the Americans win gold in the 4x200 freestyle relay.