The fallout continues over the Ryan Lochte Rio incident.

Following the closing ceremonies Sunday evening in Rio, bringing to a close the 2016 games, Speedo announced they have terminated their endorsement deal with Olympic swimmer Ryan Lochte. The news came out midday Monday.

Lochte admitted he exaggerated an incident in Rio, in which he and other swimmers got drunk at a post-Olympic party and trashed a gas station bathroom.

They were then confronted by gas station employees and security guards. While apologizing for the embellishment and immature behavior, Lochte has stuck to his story that despite being intoxicated he was still robbed. He said a gun was pointed as his face and money demanded.

Speedo said he was being dropped after a ten year relationship because they could not "condone" behavior contrary to the company's values, according to

Ralph Lauren said they were not planning to renew their endorsement deal with Lochte, who had helped them promote the Polo brand for a number of years.

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