Lance Armstrong has reached a settlement with – and apologized to -- Texas-based SCA Promotions Inc., concluding two related lawsuits alleging he deprived the insurer of $10 million in prize money.
SCA Promotions, with offices in Dallas, Calgary, Las Vegas and London, specializes in promotions and prize coverage. It has insured billions of dollars in risk and awarded over $191 million in cash and prizes, according to its website.
“While the terms of the settlement are confidential, SCA can say that the agreement was mutually acceptable to both parties,” Jeff Tillotson, a lawyer for SCA, said in a statement.
The claims, which date back more than a decade, were filed in relation to three of Armstrong’s seven Tour de France titles. SCA put forth the money on behalf of Tailwind Sports, the owner of Armstrong’s team, according to The Dallas Morning News.
SCA had attempted to cancel payout responsibilities in 2004 after an exposé featuring Armstrong’s masseuse accused the bicyclist of using performance enhancing drugs. Tillotson had questioned him over those allegations in court, to which he responded: “I race the bike straight up fair and square.”
The tension between SCA and Armstrong eased in 2006, and remained calm until his infamous interview with Oprah seven years later. It then filed a claim alleging that “Lance Armstrong perpetuated what may well be the most outrageous, cold-hearted and elaborate lie in the history of sports.”
Armstrong expressed relief over the halted litigation.
“I am pleased to have this matter behind me, and I look forward to moving on,” he said, in a statement. “I do wish to personally apologize to SCA and its CEO, Bob Hamman, for any past misconduct on my part in connection with our dispute and the resulting arbitration.”
Armstrong still has a federal whistle-blower suit pending with the U.S. government over $30 million in sponsorship money he received from the Postal Service between 1998 and 2004. The outcome of that case could result in over $100 million in penalties for the cyclist now stripped of his Tour de France wins.