Speedo, 2 Other Sponsors Drop Ryan Lochte

NEW YORK (CBSNewYork/AP) — Ryan Lochte lost three major sponsors when swimsuit company Speedo USA, clothing giant Ralph Lauren and skin-care firm Syneron-Candela announced in quick succession Monday they were dumping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

Speedo USA also said it would donate $50,000 of Lochte’s fee to Save the Children to benefit needy youngsters in Brazil.

“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for,” the prominent swimsuit company said in a brief statement. “We appreciate his many achievements and hope he moves forward and learns from this experience.”

Read more at CBSNewYork.com.

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