Trump University has agreed to a $25 million settlement.
According to the New York Attorney General’s office, Donald Trump has agreed to settle the lawsuits related to his Trump University for $25 million.
On Friday, CNBC reported that the lawsuits alleged that the seminars failed to deliver the education it promised. The deal settles two class-action lawsuits in California and a civil suit filed by Attorney General Eric Schneiderman.
"Today's $25 million settlement agreement is a stunning reversal by Donald Trump and a major victory for the over 6,000 victims of his fraudulent university," Attorney General Eric Schneiderman said in a statement to CNBC. "I am pleased that under the terms of this settlement, every victim will receive restitution and that Donald Trump will pay up to $1 million in penalties to the State of New York for violating state education laws."
"In 2013, my office sued Donald Trump for swindling thousands of innocent Americans out of âmillions of dollars through a scheme known at Trump University," Schneiderman's statement said. "Donald Trump fought us every step of the way, filing baseless charges and fruitless appealâsâ and refusing to settle for even modest amounts of compensation for the victims of his phony university. Today, that all changes."
A spokesperson for The Trump Organization said it was pleased with the result.
"While we have no doubt that Trump University would have prevailed at trial based on the merits of this case, resolution of these matters allows President-Elect Trump to devote his full attention to the important issues facing our great nation," the spokesperson said.
Read more on the students’ victory right here.