Armstrong loses $10m arbitration ruling
AUSTIN, Texas (AP):
An arbitration panel ordered Lance Armstrong and Tailwind Sports Cor-poration to pay $10 million in a fraud dispute with a promotions company for what it called an "unparalleled pageant of international perjury, fraud and conspiracy" that covered up his use of performance-enhancing drugs.
Dallas-based SCA Promo-tions announced the 2-1 decision against the former cyclist when its lawyers said yesterday they had asked Texas' 116th Civil District Court in Dallas to confirm the arbitration ruling dated February 4. The panel included a neutral chairman, who ruled in favour of SCA, and one person selected by each side.
SCA paid Armstrong and Tailwind, the since-dissolved team management company, about $12 million in bonuses during Armstrong's career, when he won seven Tour de France titles.