ST. PAUL, MN (BRAIN)—The lawsuit between Trek Bicycle Corporation and LeMond Cycling could settle as soon as next month.
A U.S. magistrate judge has ordered a settlement conference be held between the two parties on Jan. 28 at a courthouse in St. Paul, Minnesota.
In order to further encourage the parties to settle on their own, attorneys from both sides are required to meet in person on or before Jan. 18 “in a full and frank discussion of settlement,” according to the order signed by U.S. Magistrate Judge Janie S. Mayeron.
If the case doesn’t settle at that time, each attorney must submit a confidential letter to the court detailing the progress made in the meeting, an analysis of the outstanding issues and of the strengths and weaknesses of their client’s case and a summary of testimony of each witness who will testify in support of damage computations in preparation for the Jan. 28 conference.
Trek sued LeMond Cycling in April 2008 for breach of contract seeking to end its licensing agreement with three-time Tour de France winner Greg LeMond. Trek partnered with LeMond in 1995 to produce road bikes under the famous American cyclist’s name. The existing licensing agreement expires in 2010.
Trek claims that LeMond committed multiple breaches of the agreement, which damaged the LeMond and Trek brand to the tune of more than $6 million.
LeMond countersued Trek, alleging that the bicycle company failed to satisfy its contractual obligations to promote the LeMond brand. LeMond is seeking $3 million in damages for lost international sales and $1 million for lost domestic sales.
A district court judge heard arguments last month from both sides and urged attorneys to consider an out-of-court settlement.
If the legal dispute persists, a jury trial would likely decide the case next spring.