Lance Armstrong settles fraud case for $5m

Lance Armstrong settles fraud case for $5m

Lance Armstrong settles fraud case for $5m

"Rather than going through that humiliation again, we're better off".

What do you think of Lance Armstrong?

"He benefited more than everyone else and he's also paid more than everyone else".

Armstrong had been due to go to trial next month, but a deal was agreed yesterday.

"Nobody is above the regulation", Chad Readler, performing assistant lawyer normal for the Justice Division's Civil Division, stated in a information launch. "This settlement demonstrates that those who cheat the government will be held accountable".

The settlement ends five years of legal wrangling over whether the Postal Service had actually sustained harm because of Armstrong's doping.

"There's nothing like the prospect of the courthouse steps to focus people's attention", he said. It seems it happened just in time, as the trial was scheduled for May 7. Though Armstrong's one-time net worth has been reported to hover at around $100 million, by last fall, legal wrangling in the whistleblower case had already burned through $15 million of the fortune he amassed through cycling. He also owns a pair of bicycle shops in Austin and WeDu, an endurance events company.

Lance Armstrong after riding a stage of The Tour De France for a leukaemia charity, a day ahead of the competing riders, on July 16, 2015.

Armstrong, who famously battled testicular cancer that spread to his brain, says he hopes to move on from the lawsuit and focus on his anti-cancer work and his work in podcasting and media. He was removed from his charity, the Lance Armstrong Foundation, which was evaluated at $500 million.

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The US Postal Service team ran from 1996 to 2004, with Armstrong winning seven Tour titles between 1999 and 2005.

The US Department of Justice joined the action after Armstrong finally confessed to doping early the following year.

One of Armstrong's fiercest critics was frustrated by the settlement. According to the suit, Armstrong also lied about his use of the drugs in a 2005 arbitration hearing involving his entitlement to a bonus, and sued the Times of London, along with its source, for libel to hide use of the drugs.

Reading the court documents it's not hard to see why the USA government chose to settle for what seems like fairly paltry sum.

However the settlement was greeted with dismay by Betsy Andreu, the wife of former Armstrong team-mate Frankie Andreu. Armstrong admitted to his extensive PED-use in a nationally televised interview with Oprah Winfrey in January 2013.

"I would have liked to have been questioned under oath. He tried to destroy me". Armstrong got almost $13.5 million.

Summary: Lance Armstrong settled a whistleblower lawsuit with the United States government for $5 million.

The Service did exactly that, with teammate-turned-whistleblower Floyd Landis attached and named as an original claimant.

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