But the disgraced former champion will only pay a fraction of the amount sought in a lawsuit brought by fellow cyclist Floyd Landis and the US government
Disgraced ex-cycling champion Lance Armstrong has agreed to pay $5 million to settle a federal suit claiming he defrauded his sponsor, the US Postal Service, by using performance-enhancing drugs.
The settlement - worth 4 million euros - ends the long-running case brought by fellow cyclist Floyd Landis and joined by the US government. They had been seeking 20 times that amount, with a trial due to start on May 7.
"No one is above the law," Acting Assistant Attorney General for the Justice Department's Civil Division Chad Readler said in a statement.
"This settlement demonstrates that those who cheat the government will be held accountable."
Armstrong, 46, won professional cycling's biggest race, the Tour de France, a record seven times, six of them while riding for the Postal Service team.
But he was stripped of his titles and banned for life from the sport in 2012, as doping allegations mounted. The following year, Armstrong publicly confessed to cheating, in a TV interview with Oprah Winfrey.
"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, and my passion for sports and competition," Armstrong said in a statement.