(CN) – Trek Bicycle Corp. and three-time Tour de France winner Greg LeMond settled litigation over the LeMond brand licensing agreement, which broke down after LeMond accused Lance Armstrong of doping.
The settlement ends a two-year legal battle over the licensing of the LeMond brand, which Trek took over in 1995. Trek sued LeMond and stopped making LeMond bikes in April 2008, after LeMond accused rival cyclist Lance Armstrong of taking performance-enhancing drugs. LeMond countered that Trek wasn’t doing enough to promote his brand.
In a joint press release announcing the settlement, LeMond said, “I am pleased to resolve the issues between Trek and myself and am happy to be able to move forward.”
LeMond will now carry the rights to the LeMond brand.
“Greg has a hard-won place in the Pantheon of bicycle racing, and we are proud of what we were able to accomplish together,” Trek president John Burke said.
As part of the settlement, Trek will make two $100,000 contributions to 1in6.org, a charity that helps men who were sexually abused as children.
- Defamation Claim Over Serbian Report Survives
- Energy Traders May Need Greater Liquidity