ALBUQUERQUE, N.M. (KRQE) – Canon has dropped its lawsuit against the Albuquerque International Balloon Fiesta. The company filed the lawsuit after the 2020 Fiesta was canceled amid the pandemic and organizers announced 2020 sponsorships would roll over to 2021.

However, Canon argued the cancelation was ground to terminate its sponsorship and wanted a refund from Balloon Fiesta to the tune of $250,000. New court filings show Balloon Fiesta and Canon have reached a resolution and both called for the lawsuit to be dismissed. KRQE News 13 is working to learn the details of the agreement.