Lance Armstrong has agreed to pay $5m (£3.5m) to the US government to settle a long-running lawsuit that could have cost him $100m (£71m) in damages.

The American, 46, was accused of fraud by cheating while riding for the publicly funded US Postal Service team.

He was stripped of his seven Tour de France titles and banned from cycling for life in 2012 before admitting to using performance-enhancing drugs.

"I'm glad to resolve this case and move forward with my life," said Armstrong.

Armstrong failed to block the lawsuit last year and a trial was set for 7 May in Washington.

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