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Armstrong settles $3-million insurance lawsuit

Armstrong settles $3-million insurance lawsuit

November 21st, 2013 in News

AUSTIN, Texas (AP) - A day before he was scheduled to give sworn testimony about his use of performance-enhancing drugs, Lance Armstrong reached a settlement Wednesday with an insurance company seeking $3 million in performance bonuses it paid him from 1999 -2001.

Nebraska-based Acceptance Insurance sued Armstrong in Texas earlier this year after he admitted he doped during a career in which he won the Tour de France seven times.

Acceptance attorney Mark Kincaid and Armstrong attorney Tim Herman declined to disclose details, but both said the case was "resolved to the mutual satisfaction of the parties."

The settlement means Armstrong will not need to show up for a Thursday deposition in Austin, where he was expected to be asked to detail drug use throughout his career. Although Armstrong has acknowledged drug use in interviews with Oprah Winfrey and other media, he has yet to provide sworn testimony.

In an interview with Britain's Daily Mail, Armstrong said former International Cycling Union president Hein Verbruggen helped him cover up doping at the 1999 Tour de France, a charge Verbruggen dismissed as a "ridiculous story."