Scott Speed settles lawsuit with Red Bull Racing

Scott Speed has settled his lawsuit with Red Bull Racing over his firing that followed the 2010 season. Speed had field a lawsuit in North Carolina Superior Court in Statesville, N.C., in December 2010. He asked that Red Bull Racing pay him $6.5 million for the salary he would have received from 2011-2013 in addition to a $500,000 reduction of his 2010 salary that he accepted in January 2010.

According to court documents, the two sides met Nov. 30 in a settlement conference where they came to an agreement on all issues. Speed filed the dismissal documents Dec. 19. No terms of the settlement were disclosed. Red Bull Racing ceased operations after the 2011 season. Speed, a former Formula One driver who competed in 13 Cup races in 2011 for two teams, is scheduled to drive in 15 Cup races for Leavine Family Racing in 2012. Scenedaily.com