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Nebraska Insurance Company Sues Lance Armstrong

Nebraska-based insurance company Acceptance Insurance Co. is suing cyclist Lance Armstrong, claiming he cheated to collect $3 million in performance bonuses paid by the insurer after his team purchased a policy that covered the large cash outlays if he won major competitions...
March 8, 2013

Nebraska-based insurance company Acceptance Insurance Co. is suing cyclist Lance Armstrong, claiming he cheated to collect $3 million in performance bonuses paid by the insurer after his team purchased a policy that covered the large cash outlays if he won major competitions. According to Nebraska Department of Insurance Director Bruce Ramge, Acceptance Insurance is now operating under court-ordered third party supervision, a status referred to within the industry as “rehabilitation,” which happens when an insurer is in financial straits.

The Acceptance suit says the cash payouts covered by the insurance policy were triggered when Armstrong won the Tour de France in 1999, 2000 and 2001 while engaging in blood doping and the use of banned performance enhancers. “Lance Armstrong has been considered the greatest cyclist in the history of the sport,” the Acceptance complaint reads. “He won the most grueling sporting event, a record seven times from 1999 to 2005. He did that after surviving cancer. But Lance Armstrong cheated.”

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