Authentic Brands Group has settled its lawsuit against Bolt Financial - the agreement ends months of legal wrangling between the troubled payments startup and its largest active customer, which had claimed that Bolt’s technology was faulty. ABG was awarded an undisclosed stake in Bolt and the companies will continue to work together, with Bolt’s technology powering online checkouts for ABG brands Forever 21 and Lucky Brand. ABG also said it will explore using Bolt’s software for other brands.
“The settlement is an amicable solution for both sides,” Bolt Chief Executive Officer Maju Kuruvilla said in an interview.