Lochte Loses Speedo Endorsement

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Speedo USA cuts ties with Olympic swimmer, Ryan Lochte, after he admitted to lying to Rio de Janeiro police about being robbed at gunpoint.

“We can’t condone behavior that is counter to the values this brand has long stood for.” the company said in a statement. “As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save the Children, a global charity partner of Speedo USA’s parent company, for children in Brazil.”

In an interview with NBC’s Matt Lauer on Saturday, Lochte said he over- exaggerated the story.

Lochte originally said he and three teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for his actions, saying he has learned valuable lessons.

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