Damages due to be paid by footwear company Collective Brands to sporting goods firm Adidas Group in a trademark infringement lawsuit have been slashed by 75%.

A new court judgement announced on Friday (15 September) cut the payment to Adidas, which was originally awarded in May, from $305m to $65.3m.

Matthew E Rubel, chairman and CEO of Collective Brands, said the court recognised the award was "unsupportable and excessive."

He added that the company intends to review the ruling, and "will move forward with our approach to appeal what we still believe to be an incorrect decision."

A jury had earlier found that Collective Brands' Payless ShoeSource chain infringed Adidas' three-stripe trademark.

In June, Collective Brands also agreed to pay $30m to K-Swiss Inc after a similar allegation.

The company, which also owns Stride Rite, earlier this month said its second quarter earnings included $36.2m in pre-tax expenses related to the K-Swiss and Adidas lawsuits.