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Nike, Apple pay settlement but dispute FuelBands are inaccurate

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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.

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