Cyclist Armstrong Settles $3 Million Sponsor Lawsuit, First Of Many

Lance Armstrong and Acceptance Insurance – the company that paid bonuses to the cyclist when he won the 1999 and 2001 Tour de France – have settled a $3 million lawsuit, but Armstrong faces several more lawsuits from sponsors and the federal government after admitting to using illegal performance-enhancing drugs during his dominant career. Another company is suing Armstrong for $12 million, and a suit from the US Postal Service, which sponsored the U.S. cyclists in the Tour de France, could lead to more than $100 million in fines.