Speedo drops sponsorship of Ryan Lochte

Speedo is donating $50,000 portion of Lochte's fee to children in Brazil

FILE - In this Tuesday, Aug. 9, 2016, file photo, United States' Ryan Lochte checks his time in a men's 4x200-meter freestyle heat during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Lochte and three other American swimmers were robbed at gunpoint early Sunday, Aug. 14, by thieves posing as police officers who stopped their taxi and took their money and belongings, the U.S. Olympic Committee said. (AP Photo/Michael Sohn, File)

NEW YORK (AP) — Speedo is the first major company to drop its sponsorship of swimmer Ryan Lochte.

The swimsuit maker owned by PVH in New York says that it doesn’t condone behavior that is counter to its values.

Lochte fabricated a tale that he was robbed at gunpoint in Rio de Janeiro during the Olympics. He later apologized.

Speedo says it is donating $50,000 from Lochte’s sponsorship fee to the global charity Save the Children for children in Brazil.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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