An insurance company is receiving a $3 million pay-out from Lance Armstrong after filing suit against the athlete for bonuses they paid him between 1999 and 2001 for winning the Tour de France race.
Bicyclist Armstrong publicly announced that he had used performance-enhancing drugs during his career as a cyclist, and in turn the Nebraska-based Acceptance Insurance filed suit against him.
The agreement for the settlement was reached Wednesday and both attorneys concluded that the matter had been “resolved to the mutual satisfaction of the parties.”
Armstrong is also facing legal proceedings in suits filed by a Texas promotions company and the U.S. Postal Service who sponsored his team during the races, which could lead to fines exceeding $100 million.
