Mayville Engineering Company (MEC) Announces $25.5M Settlement Agreement
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Mayville Engineering Company to Receive $25.5 Million in Settlement Agreement
October 31, 2024 4:15 PM EDTMILWAUKEE--(BUSINESS WIRE)-- Mayville Engineering Company (NYSE: MEC) (the Company or MEC), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end-markets, today announced that it has entered into a formal Settlement Agreement (the Agreement) that will resolve a previously-disclosed lawsuit with Peloton Interactive, Inc. (Peloton). Under the terms of the Agreement, MEC and Peloton have agreed to dismiss the lawsuit and exchange mutual releases, and MEC will receive a gross payment of $25.5 million from Peloton, with no admission of liability by either party. The Agreement was executed as of October 28, 2024.
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