Authentic Brands Group (ABG), the owner of Reebok and other global brands, has settled out of court and agreed to dismiss its lawsuit against Bolt Financial Inc. ABG said that it would continue to partner with Bolt to offer “one-click” checkout capabilities to ABG’s brands Forever 21 and Lucky Brand. The one-click sign-on technology allows customers to shop at different websites using a universal login account. ABG also said it is evaluating the possibility of expanding Bolt’s technology to more portfolio brands in the coming months. In addition, “ABG was awarded an undisclosed stake in Bolt,” as the start-up said in a statement and Bloomberg has reported, and is becoming a shareholder, although ABG’s stake has not been disclosed. According to the Bloomberg report, ABG will own a “meaningful” share of Bolt. ABG’s stake will be less than 5 percent anyway, although ABC was not required to pay for the stake, says the report. In the lawsuit, initially filed in March, ABG claimed that Bolt had “utterly failed to deliver on the technological capabilities that it held itself out as possessing, including the ability to integrate Bolt’s products into brand partners’ websites seamlessly.” The recent settlement, therefore, marks a dramatic change from the initial stance. Authentic Brands Group (ABG), headquartered in New York City and with offices around the world, is a brand development, marketing and entertainment company that owns a portfolio of global media, entertainment and lifestyle brands generating more than $21 billion in global annual retail sales, including Reebok, Eddie Bauer, Spyder, Volcom, Nautica, Forever 21, Lucky Brand, Tretorn and Prince, among others. Bolt is headquartered in San Francisco.

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