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Nike said Thursday it has settled its lawsuit against MSCHF, the stunt company that made the controversial "Satan Shoe" in collaboration with rapper Lil Nas X.

The big picture: MSCHF agreed to initiate a "voluntary recall and buy back" of any of the satanic-themed shoes for their original retail price. Given their secondary-market value, it is highly unlikely that any customers will ask the company to buy back their shoes.

  • The shoes, which retailed for $1,018, were going for more than $2,000 on Ebay on Thursday.

Catch-up quick: Nike filed a lawsuit on March 29 over the release of 666 "Satan Shoes," which use a Nike Air Max 97 as their base and supposedly contain a drop of human blood.

  • Last week, a federal judge blocked the sale of the last unsold shoe.
  • As part of Thursday's settlement, MSCHF also agreed to a voluntary recall of its "Jesus Shoes," which also used a Nike Air Max 97 as the base.

What they're saying: "If any purchasers were confused, or if they otherwise want to return their shoes, they may do so for a full refund," Nike said in an emailed statement.

  • "Nike had nothing to do with the Satan Shoes or the Jesus Shoes."

A lawyer for MSCHF said the company was "pleased" with the settlement.

  • "With these Satan Shoes – which sold out in less than a minute – MSCHF intended to comment on the absurdity of the collaboration culture practiced by some brands, and about the perniciousness of intolerance," the lawyer added.
  • "The artistic messages MSCHF hoped to share with these shoes were also powerfully communicated through Lil Nas X’s music video 'Montero (Call Me By Your Name)', and were dramatically amplified by the Nike lawsuit, which brought extraordinary publicity to MSCHF and its works of art."

The bottom line, via Axios chief financial correspondent Felix Salmon: This settlement is clearly a win for MSCHF, although Nike has also made its point that it had no involvement in the blasphemy.

Go deeper

Dan Primack, author of Pro Rata
47 mins ago - Economy & Business

The great venture capital resignation

Illustration: Rae Cook/Axios

A growing number of top VCs are calling it quits, long before typical retirement age.

Between the lines: Generational turnover isn't new for venture capital, but in the past it's been born of lean times. What we're seeing now is the byproduct of unprecedented success.

Top economic regulators stressed by vacancies

Illustration: Annelise Capossela/Axios

The boom times are all around us (from corporate deal sprees to the breakneck rise of cryptocurrency) — and the agencies in charge are stretched thin trying to police it.

Why it matters: Overwhelmed staff and a slew of vacant posts could set back President Biden's big regulatory agenda.

GOP Sen. Chuck Grassley announces run for re-election

Photo: Greg Nash/The Hill/Bloomberg via Getty Images

Sen. Chuck Grassley (R-Iowa), the longest-serving Senate Republican, announced on Friday that he's running for re-election in 2022.

Why it matters: The GOP is looking to regain control of both chambers of Congress in the upcoming midterm elections. Several Republicans had urged the 88-year-old senator to run to avoid another retirement after five incumbent senators said they wouldn't seek re-election.