His Brain is Gone!
Join Date: Sep 2006
Location: Paoli, Wisconsin
Bikes: RANS Stratus, Bridgestone CB-1, Trek 7600, Sun EZ-Rider AX, Fuji Absolute 1.0, Cayne Rambler 3
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Trek & Greg LeMond reach settlement
We've chatted about this from time to time in this forum. Several forum members own LeMond bikes. Perhaps that brand will reappear at some future point.
Trek Bicycle Corp. and Greg LeMond have settled their nearly two-year court battle.
Terms of the agreement are not being fully released, but Trek general counsel Robert Burns confirmed Monday that it includes two $100,000 payments by Trek to 1in6.org, a charity with which LeMond is involved, aimed at helping men who have been victims of sexual abuse.
Burns said the licensing agreement that began in 1995 was terminated Jan. 30, 2010, and LeMond, a three-time Tour de France winner, now has the rights to the LeMond Bicycle brand.
Trek stopped making LeMond bikes in April 2008, when the Waterloo bicycle manufacturer filed suit in U.S. District Court seeking to end the collaboration. Trek said LeMond's public accusations that seven-time Tour de France winner Lance Armstrong used performance-enhancing drugs damaged the company, and said LeMond undercut Trek dealers by buying LeMond brand bikes and selling them at discounted prices.
LeMond countered that Trek did little to promote his brand.
In a joint statement Monday, 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."
Trek president John Burke said LeMond has "a hard-won place in the Pantheon of bicycle racing and we are proud of what we were able to accomplish together."
Trek has said LeMond bikes accounted for $15 million of Trek's $665 million in revenue in 2007.
The settlement does not affect jobs at Trek's Waterloo or Whitewater (both in Wisconsin) plants, Burns said.