Armstrong loses $10m in arbitration ruling

An arbitration panel ordered Lance Armstrong and Tailwind Sports Corp to pay $10 million in a fraud dispute with a promotions company for what it called an "unparalleled pageant of international perjury, fraud and conspiracy" that covered up his use of performance-enhancing drugs.

Dallas-based SCA Promotions announced the 2-1 decision against the former cyclist when its lawyers said on Monday they had asked Texas' 116th Civil District Court in Dallas to confirm the arbitration ruling, dated Feb 4. The panel included a neutral chairman, who ruled in favor of SCA, and one person selected by each side.

Tim Herman, a lawyer for Armstrong, insisted the ruling is contrary to Texas law and predicted it will be overturned by a judge.