Insurance Company to Sue Lance Armstrong for Big Bucks

by Nate Wooley | February 7, 2013 12:19 pm

Insurance Company to Sue Lance Armstrong for Big Bucks

Lance Armstrong 2005 300x225 Insurance Company to Sue Lance Armstrong for Big Bucks[1]Lance Armstrong has admitted to doping to Oprah, but he’s far from being out of the woods for his performance-enhancing drug use.

SCA Promotions — which insures companies who offer prizes for athletic accomplishments — is suing the disgraced cyclist for $12.1 million, the New York Daily News is reporting[2]. The company paid others who offered Armstrong money for his Tour de France wins.

SCA Promotions is seeking to recoup bonuses paid to Armstrong for his victories in the 2002, 2003 and 2004 Tour de France races as well as legal costs and interest.

Armstrong’s representatives and SCA Promotions entered into negotiations about the repayment of the money in November 2012. However, no agreement was reached and SCA has now decided to pursue the matter through the courts.

“They floated a couple of trial balloons but they never made us a firm offer. They never made an offer we could accept, or one that was even close,” Bob Hamman, president of SCA Promotions, told the Daily News.

If the lawsuit does go to court, Armstrong could be forced to testify under oath about his doping history.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/08/Lance_Armstrong_2005.jpg
  2. the New York Daily News is reporting: http://www.nydailynews.com/sports/i-team/suit-force-lance-clean-oath-article-1.1257529
  3. The Wide World of Sports Investing: http://investorplace.com/2013/02/the-wide-world-of-sports-investing/
  4. 5 Pro Athletes Finding Success in the Restaurant Biz: http://investorplace.com/2012/11/5-pro-athletes-finding-success-in-the-restaurant-biz/
  5. Lance Armstrong Admit to Doping: http://investorplace.com/2013/01/lance-armstrong-admits-to-doping/

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