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Speedo drops sponsorship of Ryan Lochte

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RIO DE JANEIRO, BRAZIL - AUGUST 11: Ryan Lochte of the United States prepares in the Men's 200m Individual Medley Final on Day 6 of the Rio 2016 Olympic Games at the Olympic Aquatics Stadium on August 11, 2016 in Rio de Janeiro, Brazil. (Photo by Clive Rose/Getty Images)

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.

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