MINNEAPOLIS, MN (BRAIN)—As U.S. District Court Judge Richard Kyle heard oral arguments last week in the legal battle between LeMond Cycling and Trek Bicycle Corporation, Kyle wanted both parties to consider an out-of-court settlement, according to LeMond’s attorney, Jamie DiBoise, and Trek attorney Ralph Weber, to the New York Daily News.
"We're certainly not averse to settling it," said DiBoise to the NY Daily News. Weber added that he expects the lawyers to meet soon to decide availability for settlement talks, according to the newspaper.
Lawyers for both parties didn’t return requests from Bicycle Retailer and Industry News to comment on the possibility of settling out of court.
Kyle suggested a settlement realizing the possible contentiousness of a trial that would most likely begin early next spring, according to the newspaper report.
Trek Bicycle Corporation sued LeMond Cycling on April 8, 2008 for breach of contract, seeking to end its licensing agreement with three-time Tour de France winner Greg LeMond.
The next day, LeMond filed a countersuit against Trek Bicycle Corporation in Minnesota District Court alleging that Trek failed to exert its best efforts regarding the LeMond brand resulting in lost revenue.
Trek expects its damages for lost profits and other harm to exceed $6 million, according to court records.
LeMond claims Trek failed to satisfy its contractual obligations to exert its best efforts to promote the LeMond brand and seeks $3 million for lost international sales plus another $1 million for lost domestic sales.
Trek partnered with LeMond in 1995 to produce road bikes under LeMond’s name. The licensing agreement is scheduled to expire in 2010.