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Armstrong reaches settlement with insurance company

By:
Cycling News
Published:
November 20, 2013, 20:50,
Updated:
November 20, 2013, 20:53
Edition:
First Edition Cycling News, Thursday, November 21, 2013
Lance Armstrong and the US Postal Service team

Lance Armstrong and the US Postal Service team

  • Lance Armstrong and the US Postal Service team
  • Lance Armstrong and Marco Pantani on the Mont Ventoux during the 2000 Tour de France

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Avoids providing testimony under oath

Just one day prior to a scheduled deposition, Lance Armstrong has reached a settlement with an insurance company that sued the former Tour de France champion regarding bonuses paid out in 1999, 2000 and 2001 for his now-disqualified victories.

Acceptance Insurance Holdings sought to recover US$3 million in bonus money, but Armstrong's attorney Tim Herman told USA Today that the case was "resolved to the mutual satisfaction of the parties."

Having reached a settlement, Armstrong has avoided providing testimony under oath regarding his doping practices as part of the US Postal Service team.

Armstrong's attorneys tried unsuccessfully earlier this year to have Acceptance Insurance Holdings' suit against the Texan thrown out on grounds that the statute of limitations expired in 2011, but a Travis County, Texas judge ruled sided with the insurance company's claim that the statute of limitations only started when Armstrong publicly admitted to doping in January of 2013.

Armstrong is still the subject of multiple lawsuits, including a federal whistleblower lawsuit filed by US Postal Service teammate Floyd Landis.

yossarian42 More than 1 year ago
Still too scared to man up!
nicNZL More than 1 year ago
He's probably doing the best he can to withhold all his knowledge so he can try use it to decrease his life ban.
Cooper More than 1 year ago
He is withholding information because it is his only leverage. When his back is up against the wall financially, Bam!! out comes the tell all book. Probably next year during the '14 TDF. We have not hit rock bottom yet. Or he gets hush money from the ASO or whoever to keep his mouth shut so he does not crush the sport further. Keeping his cards close to his chest is his only weapon.
Alan D More than 1 year ago
Or he gets assasinated by the Mafia... now THERE's a movie !
Tony M More than 1 year ago
He bluffs wel,l but this time, its for money.I'm loving it !
NashbarShorts More than 1 year ago
You're not worthy of the chair you sat on to write your comment!
Silver Bullet More than 1 year ago
He is a cancer on these comment boards...
Anonymous More than 1 year ago
O. hail king Armstrong. No one can say anything negative against king Armstrong. Reminds me of Robert Mugabe. Your comments is pathetic.. Fact is he is a criminal and a cheat and needs to brought to book.
Chuck_T More than 1 year ago
I think Nashbar was taking the pi$$
NashbarShorts More than 1 year ago
Yes I was -- Johan told me it was safe...
TheMattyE More than 1 year ago
The folks at SCA have to be licking their chops right about now.
TheFred More than 1 year ago
You're right. The back story I'm very interested in is why LA decided to confess publicly on the Okra show before all the dust had settled. Why did he do it?!? I suspect nicNZL is correct thinking Lance's primary goal is to reduce/eliminate the ban so he can compete at something again. But if that's true, at what cost! Can you imagine the back-room discussions among his lawyers and heavy-hitting backers? Lance's empire was built by business savvy men who know better than to open your mouth when you shouldn't. Now, he is jeopardizing more than just his personal fortune. ...fascinating real life drama unfolding before our eyes. The next few chapters are sure to be interesting, particularly if Lance sings on everybody as he sacrifices all to get back in the game.
NashbarShorts More than 1 year ago
Of course, that's why he's trying to apologize to people. He thinks somehow Emma and Betsy are going to come out and say, "aww, you know what? Lance is a pretty good guy after all." And somehow that will warm the heart of USADA and they'll say, "what the heck, he's a good guy, let's let him ride Ironman." Either that or he legitimately wants to apologize to people, b/c he feels bad. Bwahahahah
reubenr More than 1 year ago
Why? $$$ Because he felt he could manipulate the situation and diid. What did he say that exposed himself and/or that we did not already know? It was not an interview. It was a show.
TheFred More than 1 year ago
Yes, we didn't learn much on the Okra show. Because, for most cyclists, there were always nagging doubts about the cleanliness of his racing. Then, all doubt was removed in 2005 when we learned he had EPO in samples going back to '99. But for the rest of the world, who doesn't follow it so closely, he was still clean. For the judge, his confession on Okra "reset the clock" so that the statute of limitations had not expired. That was the significance of it. The confession cost a lot of money and may cost much, much more. As time goes on, it may cost more than money.
montani3semper More than 1 year ago
The poster Boy from Small*Town USA who craved to swindle more should have been more humble with his peers.......Free/Lance jornalists
durgadas More than 1 year ago
Hey look now Lance is fighting for every dollar in his bank account. The gig is up, but he minimizes his dollar impact by settling in a couple of ways- settlements and foot-dragging means FAR less lawyer fees and generally lower costs to his bottom line. SOP.
NashbarShorts More than 1 year ago
What makes you think he did not pay the full $3M? Why would the insurance company be satisfied with anything less? I think it's obvious he paid to avoid testifying.
Anonymous More than 1 year ago
Cause he is still too scared to man up!
Edward Winkler More than 1 year ago
Congratulations SAC, I am glad they got at least some of their money back. I sure hope they got interest as well. Tim Herman reminds me of the lawyer Jim Carry played in "Liar Liar". What a low life!
wrwhiteknight More than 1 year ago
If there is a bigger bunch of crooks out there than the insurance industry please point them out.
sbroaddus More than 1 year ago
well, you can start with the man that payed the money back to your hated insurance industry crooks, for one.
jvliv2000 More than 1 year ago
Yes, sure, because Insurance companies are supposed to be running non-profit charities...typical. Get real!
NashbarShorts More than 1 year ago
These folks were not insuring Lance so he could see his family doctor. They were insuring Mark Gorski/Tailwind AGAINST the contingency that they would owe Lance TdF bonuses. And of course Gorski/Tailwind knew Lance was doping. So it was a totally rigged game. By extension, a "bigger bunch of crooks" would be Gorski and the Tailwind boys. Akin to buying fire insurance and then burning your house down the very next day.
TheFred More than 1 year ago
Wrong. You make stuff up, then present it on this forum as if you know. You are too stupid to know how foolish you look. Be glad you're anonymous. Your ignorance is greeted by thumbs up by others, like yourself, who are obsessed with Lance, which further fuels your willingness to expose your simpleminded, errant thoughts to those who see you as the town idiot.
NashbarShorts More than 1 year ago
Sheesh Fred. Please enlighten us then. Who wrote language into his contract that he'd be owed bonuses for TdF wins? Was it not Tailwind? Who then tookout insurance against those bonuses...was it not Tailwind? Which part am I wrong about? Do you actually believe Lance's buddies at Tailwind did NOT know he was doping?? Am I obsessed with Lance...or are you, my friend? :)
Chuck_T More than 1 year ago
"Your ignorance is greeted by thumbs up by others, like yourself, who are obsessed with Lance, which further fuels your willingness to expose your simpleminded, errant thoughts to those who see you as the town idiot." Well after being exposed by Heckler. I fear I may be missing something here Fred ? Are you being intentionally ironic ? If not then I think you are over reaching a bit here. Someone posts something that you disagree with and all of a sudden they're the town fool ? Come on. You post things that I disagree with but I don't think you're a fool. In fact up until this post I thought you were quite measured. Something has obviously touched a nerve here, if it's in response to something that is factually incorrect then let's hear where it's wrong. And unless you're hanging out with a lot of the regular posters on here and have been given permission to share their views then you can't offer up a view for anyone but yourself. As for the Armstrong obsession, you're posting on most threads too.
NashbarShorts More than 1 year ago
This isn't SCA, it's another insurer. I believe he's on the hook to SCA, for an additional $7M :)
Lucifa More than 1 year ago
Good work Lance. Save all the doping secrets for one last hurrah and take a lot of heads down in one swoop.Total destruction of the professional drug cheating sport of cycling is about to take place.
NashbarShorts More than 1 year ago
Will that occur before or after he cures cancer by riding the Ironman?
Alpe73 More than 1 year ago
Which date works for you?
NashbarShorts More than 1 year ago
Let me check with Mr. Kimmage and get back to you.
NashbarShorts More than 1 year ago
So essentially, Lance paid the $3M, and in exchange, did not have to testify. His side considered that a "win", bc any testimony could be used against him in the other pending lawsuits. Way to go TeamLance!!
azureskies More than 1 year ago
Lance is handling this correctly. Fight the wars where they can be won. Way to go Lance, smart man. As for insurance companies, really, they are out for themselves. An example I was taken down by a car, cycling, and the insurance company said it was half my fault. I was following all traffic laws. I guess I never should have gotten out of bed that morning.
Jim Rice More than 1 year ago
Sorry for your situation but i don't see the how you can connect the two. Keep the unicorns in the closet.
backofthepack More than 1 year ago
USA today estimate he paid 1 million euros, or about 1,340,000 million dollars.
jabike More than 1 year ago
That's probably what he directly got, Tailwind or whoever was the "owner" of the team at that time is probably on the hook for the rest...if they even still "exist". So probably the best actual settlement for both parties. I am also guessing that if he does (and he will) write a book and if he discusses the case he will owe them more money.
leftbehind More than 1 year ago
Nashbar, you questioned durgadas for suggesting Armstrong did not pay the full $3M, then you turn around and presume that he did indeed pay the full $3M. Do you have some inside information? If you don't, then why would you call others on the carpet when you do exactly what they do?
DrBigRing More than 1 year ago
And now for something completely different . . .
ducNColnago More than 1 year ago
spam spam spam spam...peds peds peds peds...... its like ground hog day only you keep waking up to a dentist drilling on your teeth, and no im not a anti-dentite
jabike More than 1 year ago
And the only way to get out of this groundhog day is to turn what was once ugly into something beautiful again? Make it about the ride? (Worst movie interpretation and comparison ever).
Gary333 More than 1 year ago
Get over it. Lance is passe. ARod is the new American doping mega monster these days. But on the bright side, Barry Bonds, an avid cyclist, is now a much nicer guy to the media and fans and has dropped a ton of weight. (No more roid rage perhaps?)
Alpe73 More than 1 year ago
Wow ..... Bonds looks pretty slim n fly on the Pinarello. Thanks for the heads up, Gar.
RobbieCanuck More than 1 year ago
There is only one way LA can now redeem himself. Go to USADA and tell all under oath and be subject to cross examination. He needs to spill the beans on all the fraudsters is this complex conspiracy, but the longer he waits to "protect" some powerful people the less credible he will be, not that he is credible at this moment. Otherwise most fans just want him to go away.