Lance Armstrong's wealth could be in danger in the face of several lawsuits based on his confession of doping during Tour de France wins. (Getty Images)
Lance Armstrong's confession of doping and using performance-enhancing drugs has brought on another lawsuit. The insurance company that paid him $3 million in bonuses for his first three Tour de France victories is suing Armstrong for fraud, according to Juliet Macur of The New York Times.
Acceptance Insurance Company sued Armstrong and Tailwind Sports Corp., his former team’s management company, in a Travis County court in Austin, Tex. on Thursday, claiming that Armstrong's lies about doping in those Tour wins voided the policy and resulted in fraud.
The report adds that the fortune Armstrong amassed during his cycling and marketing career may take another big hit.
Though Armstrong’s estimated worth is about $125 million, his fortune appears to be in jeopardy, with potential legal payouts in excess of $106 million. The greatest threat to his bank account is a federal whistle-blower lawsuit unsealed last week in Washington.
Last week, the Justice Department joined a lawsuit against Armstrong that alleges he defrauded his longtime sponsor, the U.S. Postal Service.
In whistle-blower cases, plaintiffs could be awarded triple damages, which could mean Armstrong could owe the government about $90 million if he loses. Johan Bruyneel, his former team manager, and Tailwind Sports are also defendants.
Armstrong has also been sued by another insurance company
that paid him $12.1 million in bonuses for winning several Tours. A British newspaper is also suing Armstrong
to repay the $1.5 million it awarded him after he won a libel suit years ago.