Speedo, 2 Others Drop Sponsorship Of U.S. Swimmer Ryan Lochte

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CYPRESS, CA (CBSMiami) – The fallout from U.S. swimmer Ryan Lochte's legal issues in Rio de Janeiro continued on Monday.

Speedo made the announcement that it was dropping its sponsorship of Lochte effective immediately.

This comes after the week-long saga that saw Lochte and three other U.S. swimmers questioned by Rio authorities.

Originally, Lochte alleged that the group was robbed at gunpoint. That was later proven not to be true.

"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 the behavior that is counter to the values this brand has long stood for," Speedo USA said in a statement.

Speedo went on to say that it will donate part of Lochte's $50,000 fee to global charity Save The Children.

Shortly after the Speedo announcement, clothing brand Ralph Lauren has removed Lochte's name and images off of it's Team USA Collection website.

A spokesperson from Ralph Lauren confirmed that the company will not be renewing Lochte's contract.

"Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," the company said in a statement. "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."

Later on Monday Syneron-Candela, the parent company of Gentle Hair Removal, issued a statement ending its relationship with Lochte.

"Syneron-Candela will be ending its partnership with Ryan Lochte," the statement read. "We hold our employees to high standards, and we expect the same of our business partners. We wish Ryan well on his future endeavors and thank him for the time he spent supporting our brand."

Lochte has one endorsement deal that remains intact, with mattress company Airweave.

In a statement last week, Airweave CEO Motokuni Takaoka that Lochte "will remain a US ambassador for Airweave as long as our partnership agreement remains effective."