Lance Armstrong better start counting his pennies. The disgraced cyclist, who admitted to doping in a 2013 interview with Oprah Winfrey, was ordered to pay $10 million to SCA Promotions in an arbitration ruling Monday, Feb. 16. Sports insurance company SCA paid approximately $12 million in bonuses to Armstrong throughout his career, which included seven Tour de France wins.
In a 2 to 1 ruling, a Texas arbitration panel ruled in favor of the company that sued Armstrong, 43, for fraud in 2013. "We are very pleased with this result," Bob Hamman, SCA's president and founder, said in a statement obtained by USA Today. "It is hard to describe how much harm Lance Armstrong's web of lies caused SCA but this is a good first start towards repairing that damage."
The $10 million penalty is said to be the largest sanction brought against an individual in U.S. judicial history. According to papers filed Monday by SCA, Armstrong has indicated he would refuse to pay the fine, and SCA asked a Texas court to turn the panel's decision into a final judgment.
"Perjury must never be profitable," the ruling read. "Deception demands real, meaningful sanctions."
Armstrong is also being sued by the federal government and his former teammate Floyd Landis over his sponsorship contract with the U.S. Postal Service. That fraud case has yet to go to trial.