Biker wins suit over endorsements

Cyclist Greg LeMond won a $3.46 million verdict Friday against a company that stopped using his name on its bike gear.

The three-time Tour de France winner, had a 10-year deal with PTI Holdings of New York for a “Greg LeMond” line of bike accessories.  But PTI decided it wanted to end the deal in 2002 after rival Lance Armstrong became the biggest name in cycling.  It unilaterally stopped using the name, offering to buy out the contract for $1.1 million.

The jury verdict was based on an estimate of royalties LeMond would have made over the life of the contract if PTI had continued to perform.