First-time NASCAR winner Scott Speed flexes his muscles in The Monster Mile's victory lane in Dover, Del. May 30, 2008 (AP Photo/Russ Hamilton, Jr)

Scott Speed finally settles lawsuit

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Scott Speed and Red Bull Racing, who closed their race shop in November, have settled their lawsuit out of the courtroom.

Scott Speed field a lawsuit in the North Carolina Superior Court in Statesville, North Carolina in December 20120. Speed claimed Red Bull Racing violated their contract by removing Speed from his No. 82 ride. He asked that the team 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.

Speed filed the dismissal documents Dec. 19. No terms of the settlement were disclosed.

Speed drove for the Red Bull Racing Sprint Cup team for two seasons and was also a F1 driver for Red Bull. Since his removal from the Red Bull Racing team, he has competed in the Sprint Cup Series part time and for start and park teams in 2011.

He is scheduled to drive 15 Cup races for Leavine Family Racing in 2012.

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