Three-time Tour de France winner Greg LeMond and Trek have reached an out-of-court settlement just one month before their trial was due to start, reported ESPN.
Following the settlement – made on confidential terms – the suit has been ‘dismissed with prejudice’ by a US District Court Judge, meaning that the issue cannot be raised in court again and seemingly drawing a line under the matter.
LeMond and Trek entered into the dispute two years ago to terminate the relationship between the two due to 'multiple breaches of contract'. Trek had been licensed the LeMond brand name, producing road bikes in the LeMond Racing Cycles name. In 1999 the line was reportedly one of the top five largest road bike brands in the US.
Trouble followed public statements and actions from LeMond that Trek then blasted as ‘detrimental to the brand’.
The two sides settled after court-ordered mediation and while the full terms of the settlement are being kept under wraps, it was revealed that Trek will make around $200,000 in donations to LeMond-created charity 1in6.org, which 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."
Trek’s attorney insisted that the firm had now said its final word on the matter.
The rights to the LeMond range are now back with LeMond, who is reportedly looking at how to bring it back to retail.
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