2/17/2015
HOUSTON – An arbitration panel concluded that former cyclist Lance Armstrong and Tailwind Sports Corp. owe $10 million for defrauding a company that paid $12 million in bonuses to the rider, the plaintiff said Monday.
The panel voted 2-1 in favor of SCA Promotions Inc., lawyers for the Dallas-based firm said.
Armstrong and the now-defunct Tailwind, which managed his U.S. Postal Service team, received about $12 million from SCA during the period when the cyclist won the Tour de France seven times.
SCA initially contested the bonuses in 2005, but ultimately settled with Armstrong, paying him a $5 million bonus plus $2.5 million in court costs.
In 2012, however, evidence of Armstrong’s doping caused him to be stripped of his Tour de France title and banned for life from cycling.
The following year, the Texas-born rider publicly confessed to doping, which prompted SCA to re-open the arbitration proceeding.
source
HOUSTON – An arbitration panel concluded that former cyclist Lance Armstrong and Tailwind Sports Corp. owe $10 million for defrauding a company that paid $12 million in bonuses to the rider, the plaintiff said Monday.The panel voted 2-1 in favor of SCA Promotions Inc., lawyers for the Dallas-based firm said.
Armstrong and the now-defunct Tailwind, which managed his U.S. Postal Service team, received about $12 million from SCA during the period when the cyclist won the Tour de France seven times.
SCA initially contested the bonuses in 2005, but ultimately settled with Armstrong, paying him a $5 million bonus plus $2.5 million in court costs.
In 2012, however, evidence of Armstrong’s doping caused him to be stripped of his Tour de France title and banned for life from cycling.
The following year, the Texas-born rider publicly confessed to doping, which prompted SCA to re-open the arbitration proceeding.
source
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