Disgraced American cyclist Lance Armstrong must pay $US10 million ($NZ13m) in damages after losing a lawsuit with an insurance and promotions company, BBC reports.
Lance Armstrong loses lawsuit v SCA Promotions, must pay record $10m for “unparalleled pageant of international perjury, fraud, conspiracy"
— Dan Roan (@danroan) February 16, 2015
In 2006 Armstrong received $US7.5 million in payments from SCA Promotions relating to his seven Tour de France victories.
Armstrong has admitted to doping and was found to have lied in proceedings.
SCA said, “The award, which must be paid directly to SCA, is believed to be the largest award of sanctions assessed against an individual in American judicial history.”
“According to the arbitrators' written ruling, the sanctions award punishes Armstrong for 'an unparalleled pageant of international perjury, fraud and conspiracy',” the company added.
Armstrong testified in the proceedings, which took place almost 10 years after an initial hearing which found in his favour after he gave evidence under oath.
SCA Promotions said its dispute with Armstrong was not over.
The company had a “currently pending lawsuit in Dallas state district court where it is pursuing additional claims against Lance Armstrong and Bill Stapleton (Armstrong's agent).”
