Nike (NYSE: NKE) and music legend Bo Diddley today jointly announced settlement of a legal claim initiated in March, which involved the production and sale of tee shirts bearing the likeness of Diddley. Although settlement details remain private, both parties expressed satisfaction with the terms of the agreement.

"Bo Diddley's fabulous performances in the "Bo knows" campaign will be forever etched in the annals of advertising history, " said Jim Carter, Nike General Counsel, US/Americas Regions. That is why we wanted to expeditiously settle this matter to restore our relationship to a level of mutual respect," he added.

"The courthouse is not the place for Nike and Bo Diddley," said Nike Founder and Chairman Philip H Knight. "Instead, we each should get back to doing what we both do best -- Bo making great music and Nike continuing to provide opportunities for youth, athletes and even blues musicians."

Echoing these sentiments, Diddley said, "I've always enjoyed my relationship with Nike and am pleased that we were able to put this matter behind us."