Nike, Apple pay settlement but dispute FuelBands are inaccurate

Get ready to cash in your sweaty old Nike "FuelBand" because you might not have been burning as many calories as you thought.

Nike, Inc. and Apple Inc. have reached a settlement that allows fitness band owners to receive partial refunds, according Gilardi & Co., an administrator of settlements, stemming from a pending lawsuit in Superior Court in Los Angeles.

The suit had claimed that "misleading statements were made regarding the Nike+ FuelBand's ability to accurately track calories, steps and NikeFuel," according to Gilardi.

While Nike and Apple deny the claims, owners of the FuelBand are eligible for a $15 payment or a $25 Nike gift card, under the terms of the settlement.

FuelBands are still for sale and cost anywhere from $90 to nearly $290.

The FuelBand tracks the owner's activity through a "sport-tested accelerometer," and "translates every move into NikeFuel," according to Nike. The owner can set daily goals for NikeFuel as a way to stay in shape or lose weight.

Nike and Apple did not immediately return messages from CNNMoney.