23 Nov 2013

Armstrong reaches settlement with insurance company over performance bonuses

9:12 am on 23 November 2013

The disgraced cyclist Lance Armstrong has reached a settlement with an insurance company over $3 million in performance bonuses paid to him from 1999 to 2001.

Nebraska-based Acceptance Insurance had sued Armstrong and his former team's management company after the American cyclist was handed a life ban and stripped of his record seven Tour de France titles following a US Anti-Doping Agency investigation.

The company said Armstrong's lies had voided his policy with the insurance company.

The settlement came just one day before Armstrong was due to give testimony in the case.

There are still also charges pending against Armstrong and his business partners over defrauding the US Postal Service of endorsement money through Armstrong's use of performance-enhancing drugs.