Just as Lance Armstrong was preparing for a trial against the United States Postal Service next month, the two sides reached a settlement.
Armstrong will pay $5 million to the federal government in a lawsuit that could have resulted in $100 million in damages from the seven-time Tour de France winner. Those titles were stripped after Armstrong admitted he used performance-enhancing drugs while cycling.
The lawsuit was initially filed in 2010 by Armstrong's former teammate Floyd Landis. Landis was eligible for up to 25 percent of the settlement. The government became a part of the lawsuit in 2013 after Armstrong had a televised confession admitting his steroid use.
This settlement clears Armstrong, 46, of his most significant legal issues. He has previously paid more than $20 million in damages and settlements in other lawsuits and his major sponsors all dropped him.
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Armstrong became a national role model after recovering from cancer to win seven Tour de France titles. He built his charity, the Lance Armstrong Foundation, into a $500 million worldwide brand. The foundation has seen a huge drop in donations since Armstrong's confession and has renamed itself Livestrong after removing Armstrong from the board of directors.
Landis, who lost his 2006 Tour de France title after being convicted of doping himself, sued Armstrong under the federal False Claims Act. The lawsuit alleged that Armstrong and his team committed fraud against the government by doping while sponsored by the U.S. Postal Service. The contract paid the team $32 million from 2000 to 2004, with Armstrong making just under $13.5 million.
As a result of the settlement, Landis will make 25 percent, or an additional $1.65 million.
Though admitting to doping has cost Armstrong more than $100 million (by his own estimate), his net worth is still in the multi-millions thanks to luxurious homes in Texas and Colorado, as well as an extensive investment portfolio. Additionally, he hosts a podcast and owns two bicycle shops and an endurance events company.
His reputation may never fully recover. For now, though, Armstrong has one more legal battle complete.
