Speedo drops sponsorship of Ryan Lochte

Olympic medalist Ryan Lochte models Speedo's new Fastskin 3 swimsuit during a news conference in New York, Wednesday, Nov. 30, 2011 (AP Photo/Kathy Willens)

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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