7msports > Others Video > Armstrong told to pay $10m in damages

Armstrong told to pay $10m in damages

Tuesday, February 17 2015 by SNTV
  • Intro:

    File footage after an arbitration panel in Dallas, Texas ordered Lance Armstrong and Tailwind Sports Corp. to pay USD$10 million in a fraud dispute with SCA Promotions.

    Script:

    The Dallas-based SCA Promotions were awarded 10 million US Dollars or just over 6.5 million pounds in damages after they won a lawsuit against cyclist Lance Armstrong.

    SCA paid Armstrong and Tailwind, the since-dissolved team management company, about 12 million dollars in bonuses during Armstrong's career, when he won seven Tour de France titles - that's about 7.82 million pounds

    Those victories were stripped after Armstrong and his U.S. Postal Service teams were found to have used banned performance-enhancing drugs.

    SCA disputed the bonuses in arbitration in 2005, and the case produced the foundation of the doping evidence later used against him.

    Despite allegations of cheating, Armstrong continued to deny doping and the company settled with Armstrong and paid him 7 million dollars - just over 4.5 million pounds in 2006.

    The company sued Armstrong to get its money back after Armstrong's cheating was exposed by a report from the U.S. Anti-Doping Agency and a televised confession interview with Oprah Winfrey.

    The case was sent back to the original arbitration panel of independent chairman Larry Faulkner, SCA selection Richard Chernick and Armstrong's pick Ted Lyons.

    In the 2005 arbitration hearings, Armstrong testified under oath that he did not use performance-enhancing drugs.

    Armstrong argued his original settlement could not be overturned under state law.

    The arbitration majority said the 10 million dollar was a penalty for Armstrong's lying and efforts to intimidate or coerce witnesses in the previous case.

    Armstrong is also being sued by the US federal government and former team-mate Floyd Landis in a whistleblower fraud action over his team's sponsorship contract with the Postal Service.

    That case is not set to go to trial before 2016.

Attention: Third parties may advertise their products and/or services on our website.7M does not warrant the accuracy, adequacy or completeness of their contents.
Your dealings with such third parties are solely between you and such third parties and we shall not be liable in any way for any loss or damage of any sort incurred by you.