Lance Armstrong Settles $3M Lawsuit

The disgraced cyclist still faces a similar $12M lawsuit from a separate company

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Thao Nguyen / AP

Lance Armstrong pauses during an interview in Austin, Texas on Feb. 15, 2011. The Justice Department laid out its case in a lawsuit against Lance Armstrong on Tuesday, Apriil 23, 2013 saying the cyclist violated his contract with the U.S. Postal Service and was "unjustly enriched" while cheating to win the Tour de France.

Lance Armstrong and the Nebraska-based company Acceptance Insurance have reached agreement on a deal to settle a $3 million lawsuit the company filed against the cyclist.

The company was seeking reimbursement for bonuses it paid Armstrong for winning the 1999 and 2001 Tours de France. Details of the settlement agreement were not revealed.

Armstrong still faces a similar $12 million lawsuit from a promotions company, plus a federal lawsuit over his team’s sponsorship by the U.S. Postal Service, which could lead to more than $100 million in fines, the Associated Press reports.

Armstrong has received a series of blows since he admitted to doping in January. In October, the Olympic committee stripped him of a bronze medal he won at the 2000 Olympics.