One month before the case was set to go to trial, ESPN reports that Trek Bicycles and three-time Tour de France winner Greg Lemond have settled their long-standing dispute out of court.
The terms of the settlement remain confidential, and a U.S. District Court Judge closed the case as ‘dismissed with prejudice’, meaning it can not be raised in court again.
The dispute between Trek and Lemond started two years ago as the parties sought to terminate their licensing agreement, with both parties claiming the other had breached the agreement.Ã‚Â Lemond argued Trek had stopped putting effort behind the brand, while Trek claimed that Lemond’s remarks concerning Lance Armstrong hurt Trek’s sales.
Court ordered mediation led to the out-of-court settlement, which will see Trek donating $200,000 to 1in6.org, Lemond’s charity that supports adult victims of childhood sexual abuse.
In a statement released by lawyers from both parties, LeMond said: “I am pleased to resolve the issues between Trek and myself and am happy to be able to move forward with the things important in my life. I take deep satisfaction in this resolution and believe it will have a positive impact on those that can benefit most from the purpose of 1in6.org.”
Trek president John Burke added: “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 respects Greg’s efforts and commitment to the charitable foundation, and Trek is pleased to lend its support to that very worthwhile endeavour.”
Lemond now has rights to his brand again and is said to be seeking ways to bring it back to retail.