Lance Armstrong settles $100 million doping fraud case
What's the story
Tainted cyclist Lance Armstrong has agreed to pay $5 million to settle the federal fraud case.
The case pertains to his drug-fuelled reign from 1999 to 2005 as the undisputed champion of Tour de France.
Armstrong settled the dispute before the scheduled trial next month.
The case is for allegedly defrauding the US Government by using banned substances while racing for Postal Service-sponsored team.
Wise settlement
Armstrong finds a $5mn way out of $100 mn lawsuit
Lance Armstrong was sued by The Postal Service and former team-mate Floyd Landis.
They were seeking around $100 million in damages due to his dope-tainted image.
The hearing was set to get underway on May 7.
However, Armstrong's lawyers and the US Justice Department brokered a settlement where the cycling ace agreed to pay $5 million to settle the dispute.
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A big win for Lance Armstrong?
"No one is above the law. This settlement demonstrates that those who cheat the government will be held accountable." US Justice Department lawyer Chad Readler said.
Legal expenses
Former teammate to receive a handsome sum
According to the reports in the Washington Post, Lance Armstrong will also pay $1.65 million for the legal expenses of his team-mate and whistleblower Floyd Landis.
Moreover, $1.1 million out of the $5 million amount will be handed over to Landis.
Landis is eligible for 25 percent of the settlement along with his attorney fees.
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Lucky escape for dope tainted cycling ace
"I am glad to resolve this case... I'm looking forward to devoting myself to the many great things in my life- my five kids, my wife, my podcast, several exciting writing and film projects, my work as a cancer survivor," Armstrong concluded.