DALLAS (Reuters) - Disgraced cyclist Lance Armstrong has settled a lawsuit and apologized to an insurance company that paid him over $10 million in bonuses before he admitted he used performance-enhancing drugs, a lawyer for the firm said on Monday.
Dallas-based SCA Promotions for years has been trying to recoup the money it paid Armstrong for his victories in the Tour de France, arguing the accomplishments were tainted and built on lies.
The terms of the settlement are confidential but the agreement “was mutually acceptable to both parties,” SCA attorney Jeff Tillotson said.
“I am pleased to have this matter behind me, and I look forward to moving on,” Armstrong said in a statement, provided by his agent.
”I do wish to personally apologize to SCA and its CEO, Bob Hamman, for any past misconduct on my part in connection with our dispute and the resulting arbitration.”
The bonus money from SCA was for three of Armstrong’s seven Tour de France victories.
Armstrong was stripped of his seven Tour de France titles and banned for life from racing in 2012 after a U.S. Anti-Doping investigation. He later admitted in a television interview using performance-enhancing drugs during his championship run.
In February, Armstrong was ordered to pay $10 million to SCA after arbitrators ruled against him in a dispute over the bonuses, according to court documents.
Editing by Jon Herskovitz and Lisa Lambert