Best Buy settles Ultimate Electronics advertising lawsuit

Minneapolis Best Buy Co. will withdraw its unfair advertising lawsuit against Colorado-based Ultimate Electronics. The Minneapolis/St. Paul Business Journal reported that attorneys for both companies released the information in a joint filing Friday.

Best Buy and Thornton, Colo.-based Ultimate Electronics agreed to resolve the suit after Ultimate stopped claiming it price-shopped Best Buy and other retailers daily to offer lower prices.

Best Buy sued in April, citing its own surveys and price comparisons by the Better Business Bureau of Minnesota and North Dakota that found Ultimate's prices were frequently higher than those at Best Buy.

Friday's filing acknowledges that Ultimate ended those advertisements "without admitting any liability."

The two companies have agreed to pay their own legal fees, they said in the filing.