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|USTA, Olympus Settle Lawsuit Over Sponsorship Deal
|WHITE PLAINS, N.Y. (AP) -- Olympus will remain an official sponsor of the U.S. Open for 2011 as part of a settlement of a lawsuit filed by the U.S. Tennis Association.
The camera company also will remain the title sponsor of the U.S. Open Series that leads to the Grand Slam tournament in Flushing Meadows.
The two sides announced the settlement Tuesday in a joint statement.
The USTA had sued Olympus for $11.65 million, saying the company wanted to get out of its sponsorship agreement for 2011. Olympus and the USTA have been partners since 2003. In 2007, they extended their partnership through 2013.
The contract allowed Olympus to opt out of the last two years of the deal, which it did. The USTA said Olympus also tried to shed commitments for 2011.
(Copyright 2011 by The Associated Press. All Rights Reserved.)