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#pounditSaturday, May 18, 2024

Lance Armstrong ordered to pay $10 million to insurance company

Lance ArmstrongAn arbitration panel in Texas voted 2-1 against Lance Armstrong and awarded $10 million to SCA Promotions, a sports insurance company that helped contribute to the cyclist’s downfall.

SCA Promotions paid Armstrong bonuses in 2002 and 2003 for winning the Tour de France, but they withheld his bonus in 2004 amid speculation he cheated. Armstrong sued as a result and the two sides went to arbitration in 2005. They settled in 2006 with SCA being ordered to pay $7.5 million. At the time, Armstrong denied cheating, which is why SCA settled.

In the face of mounting evidence against him, Armstrong finally admitted to Oprah in 2013 that he did cheat, leading many companies, including SCA, to pursue claims against him. The result is that SCA won the latest arbitration case and filed a motion to have a court order Armstrong to pay the award as a final judgment, USA Today’s Brent Schrotenboer reports.

“We are very pleased with this result,” SCA’s president and founder Bob Hamman said in a statement via USA Today. “It is hard to describe how much harm Lance Armstrong’s web of lies caused SCA but this is a good first start towards repairing that damage.”

Armstrong tried to have the case blocked but appealed to the Texas Supreme Court unsuccessfully. SCA noted in its legal filing that it believes Armstrong will not pay the $10 million award.

In addition to this case, Armstrong was also recently in headlines for hitting two parked cars and letting his girlfriend take the blame.


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