The prospect of a potentially explosive trial between Trek and Greg LeMond has evaporated following a joint announcement by both parties that a settlement has been reached.
Today's news brings to an end a long-running dispute between the two former partners, and follows intensive mediation in recent days. A trial had been scheduled to take place in Minnesota in March, but that will not now happen, following the out of court settlement.
"Cycling legend Greg LeMond and Trek Bicycle Corporation announced an agreement to close out all remaining issues for the business venture they began in 1995, and to provide funding for a charity near Greg's heart," read the release.
Trek President John Burke praised the three-time Tour de France champion, and said that the company would make a donation to a foundation for those who have experienced child abuse.
"Greg has a hard-won place in the Pantheon of bicycle racing, and we are proud of what we were able to accomplish together," he said. "Trek respects Greg's efforts and commitment to the charitable foundation, 1in6.org, and Trek is pleased to lend its support to that very worthwhile endeavour."
LeMond and Trek commenced their partnership in 1995 but relations became rocky when the triple Tour de France winner made comments about Armstrong, starting in 2001. He had publicly questioned the Texan's ties to the controversial Italian doctor Michele Ferrari, who has been accused of doping athletes.
LeMond alleges in the legal summons and complaint sent to Trek in March 2008 that Armstrong used his connections with Trek to get the company to put pressure on him to be silent.
He had claimed that the company effectively dropped its support for his brand, leading to a decrease in sales. Trek's contention was that LeMond's statements were damaging to both cycling and to his own image, and that this was the reason why his brand did not do as well as expected.
It had been expected that long-running allegations against Armstrong would resurface again at the trial, and there was a chance that the multiple Tour winner could have been subpoenaed. However, he would almost certainly not have had to have attended due to limits to the court's geographical jurisdiction.
LeMond said that he was satisfied with the agreement, details of which were not made public. "I am pleased to resolve the issues between Trek and myself and am happy to be able to move forward with the things important in my life," he stated. "I appreciate Trek's support for the work of 1in6.org. I take deep satisfaction in this resolution and believe it will have a positive impact on those that can benefit most from the purpose of 1in6.org."
Cyclingnews will have more on this story later.
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