December 3, 2008 / 1:44 PM / 9 years ago

UPDATE 1-Crocs and Skechers settle patent suit

NEW YORK, Dec 3 (Reuters) - Shoe maker Crocs Inc (CROX.O) said on Wednesday that it had settled all litigation with rival Skechers USA Inc (SKX.N), which it had claimed infringed a number of its patents.

The settlement terms were not disclosed.

Crocs, known for its brightly colored clogs, said the parties agreed to settle all outstanding worldwide litigation, including a U.S. District Court action in Colorado.

Crocs said Skechers had agreed to stop making and selling certain molded footwear styles and to focus on its core styles.

Launched in Colorado in 2002, Crocs’ quirky, bright and comfortable resin shoes quickly attracted a cult following and within three years, the brand began attracting notice around the country.

But the shoes’ novelty has since waned, and Crocs shares have fallen out of favor on Wall Street. The stock, which started 2008 at $38, closed at $1.33 on the Nasdaq on Tuesday.

A spokeswoman for Skechers, which is based in California, was not immediately available. (Reporting by Martinne Geller; Editing by Lisa Von Ahn)

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