Former pro cyclist Lance Armstrong announced Thursday he reached a $5 million settlement in the long-running False Claims Act case that former teammate Floyd Landis initiated in 2013 alleging Armstrong fraudulently misled their team sponsor, the U.S. Postal Service, about his use of performance-enhancing drugs.

The settlement comes as federal prosecutors who had taken up Landis’ case and Armstrong’s lawyers at Keker, Van Nest & Peters were approaching a May 7 trial date. Armstrong faced up to $100 million in potential liability at trial. In the wake of Thursday’s announcement, Armstrong’s lead lawyer, Keker Van Nest name partner Elliot Peters, spoke with The Recorder about the deal and some of the things he was looking forward to had the case gone to trial.

Elliot Peters. (Photo: Jason Doiy/ALM)

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