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Michael Sohn, File, Associated Press
FILE - In this Tuesday, Aug. 9, 2016, file photo, United States' Ryan Lochte checks his time in a men's 4x200-meter freestyle heat during the swimming competitions at the 2016 Summer Olympics, in Rio de Janeiro, Brazil. Speedo announced Monday, Aug. 22, 2016, that they are dropping their sponsorship of Lochte. The swimsuit maker 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.

Ryan Lochte lost his first major sponsor when Speedo USA announced it is dropping the swimmer over a drunken incident during the Rio Olympics that he initially described as an armed robbery.

As part of the decision, Speedo said Monday it will donate $50,000 of Lochte's fee to Save The Children to benefit needy youngsters in Brazil.

Speedo says that while it had "a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team," it could not condone his behavior after the end of Rio's swimming competition.

At first, Lochte said he and three swimming teammates were robbed after their taxi was pulled over by armed men posing as police. He has since apologized for embellishing his version of events.