Lance Armstrong has settled a multi-million dollar lawsuit with an insurance company that refused to pay final installments on prize money to the cyclist after he won the Tour de France in 2002-2004. In 2004, the insurer, SCA Promotions, refused to pay a final installment of $5 million owed to Armstrong on his insured prize money, which would be triggered if he won the Tour de France. In arbitration, SCA Promotions was ordered to pay Armstrong millions of dollars in prize money based on testimony that he did not take any performance enhancing substances. However, earlier this year, Armstrong was sanctioned by an arbitration panel and ordered to pay SCA Promotions $10 million in penalties for providing untruthful testimony. The Arbitrator’s Award was confirmed in federal court under the Federal Arbitration Act, 9 U.S.C. §§ 1-16. The terms of the settlement that has concluded between the parties are confidential. However, Armstrong is still facing claims by the U.S. government based on the False Claims Act seeking to recover the $30 million in sponsorships invested in his team by the U.S. Postal Service.

Read more about the settlement here and review the Arbitration Award here.