28 Sep 2015

Armstrong settles with insurance firm

8:49 am on 28 September 2015

The disgraced American cyclist Lance Armstrong has settled a 10-year dispute with an insurance firm over the repayment of $US10 million paid to him before he admitted to doping.

The disgraced American cyclist Lance Armstrong.

The disgraced American cyclist Lance Armstrong. Photo: PHOTOSPORT

The American received the money from SCA Promotions Inc in relation to his seven Tour de France victories.

He was ordered to pay it back after losing a lawsuit in February.

"I'm pleased to have this matter behind me and I look forward to moving on," said Armstrong, who also apologised to the Dallas-based company.

Armstrong has not revealed how much he has paid SCA as part of the settlement.

SCA initially refused to pay out money covering the bonus for Armstrong's sixth Tour de France win in 2004.

The cyclist won an arbitration hearing against the company in 2005, after the contract between the parties stipulated the insurance money would be payable if Armstrong was the "official winner" of the Tour.

He was awarded $US2.5 million in damages and costs, in addition to the $US 7.5 million of payments he received from SCA.

SCA demanded repayment in 2013, after Armstrong was stripped all seven of his Tour de France titles and issued with a life ban by the United States Anti-Doping Agency.

During a 2013 television interview with American talk-show host Oprah Winfrey, Armstrong confessed he used banned performance-enhancing drugs throughout much of his cycling career.

After settling the dispute, Armstrong said: "I do wish to apologise to SCA, and its chief executive Bob Hamman, for any misconduct on my part in connection with our dispute and the resulting arbitration."

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