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Lance Armstrong settles $3 million lawsuit with insurance company

Photo: Bas Czerwinski/AP

Acceptance Insurance sued Lance Armstrong for bonuses it paid him for winning the Tour de France.

AUSTIN, Texas (AP) - Lance Armstrong has reached a settlement with an insurance company that sought more than $3 million for bonuses it paid him for winning the Tour de France from 1999 to 2001.

Nebraska-based Acceptance Insurance sued Armstrong earlier this year after he admitted using performance-enhancing drugs during his career.

Attorneys for both sides would not disclose details of Wednesday's settlement other than to say the case has been ''resolved to the mutual satisfaction of the parties.''

Armstrong still faces a similar $12 million lawsuit from a Dallas-based promotions company that is in arbitration. He also faces a federal whistle-blower lawsuit over his team's previous sponsorship with the U.S. Postal Service that could lead to fines in excess of $100 million.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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