Armstrong settles 3-mln-dollar insurance lawsuit to avoid deposition

Former cyclist Lance Armstrong has settled a lawsuit brought by an insurance company that paid him 3 million dollars for his successes while he was involved in doping, to avoid deposition.

According to the BBC, Nebraska-based Acceptance Insurance said the Texan's drug use meant their policy with him was void.

Armstrong, 42, is also being sued for sponsorship money his US Postal team received from 1998-2004, the report said.

He was banned for life by the United States Anti-Doping Agency in August 2012 and stripped of the seven Tour de France titles he won between 1999 and 2005, the report added.

Armstrong, who also had to return the time-trial bronze medal he won at the 2000 Olympics after his confession to television host Oprah Winfrey in January, was reported to be worth 125million dollars, earlier this year, according to the report.

Last week he told the BBC he would testify with 100 percent transparency and honesty at any future inquiry into doping, the report mentioned.