Council pension settlement secured from Under Armour

Under Armour is based in Baltimore, Maryland. It was founded in 1996 by former college football player Kevin Plank.

It is listed on the New York Stock Exchange (NYSE) and has a market cap of $3bn (£2.3bn).

A statement on the company’s website said it had consistently denied the accusations and had “entered into this agreement in principle, which is not an admission or finding of fault or wrongdoing, given the costs and risks inherent in litigation”.

The statement confirms that the company will pay $434m to settle claims brought on behalf of purchasers of the company’s publicly-traded shares from 16 September 2015 to 1 November 2019.

It says the settlement “would resolve all claims against Under Armour and other defendants in this matter”.

In June, ahead of court approval, the company’s chief legal officer and corporate secretary Mehri Shadman said: “We firmly believe that our sales practices, accounting practices and disclosures were appropriate, and deny any wrongdoing in this case.”