Disgraced cyclist Lance Armstrongmight be forced to file for bankruptcy after his explosive confession to Oprah airs today, legal experts told the Hollywood Reporter.
Armstrong, who's worth more than $125 million, could face a wave of litigation because he's expected to officially fess up to his alleged doping on Oprah.
That confession could officially alert plaintiffs to Armstrong's wrongdoing and start the clock ticking on the statute of limitations.
A bankruptcy filing would stay, or temporarily stop, potential lawsuits, as well as lawsuits that have already been filed against him – including a newspaper's suit seeking the return of a libel settlement.
Here are some suits that could be filed after today, according to the Hollywood Reporter:
- Organizers of cycling events could sue him to recover prize money.
- The Justice Department could join a lawsuit accusing his team of illegally taking sponsorship money from the U.S. government while its members were doping.
- Others could sue Armstrong for defaming them while the outspoken cyclist was proclaiming his innocence.
- Sponsors could also sue the cyclist for allegedly breaching the moral clauses in his contracts.
"He better be prepared to file for bankruptcy when these claims come in," Duane Morris special counsel Kenneth Shropshire told the Hollywood reporter.
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