NEW YORK – President-elect Donald Trump has settled a lawsuit from the New York Attorney General for $25 million on his Trump University business launched in 2005 for defrauding customers.
New York Attorney General Eric Schneiderman issued the following statement on the settlement agreement reached in Trump University case:
In 2013, my office sued Donald Trump for swindling thousands of innocent Americans out of millions of dollars through a scheme known as Trump University. Donald Trump fought us every step of the way, filing baseless charges and fruitless appeals and refusing to settle for even modest amounts of compensation for the victims of his phony university. Today, that all changes. 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.
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. The victims of Trump University have waited years for today’s result and I am pleased that their patience–and persistence–will be rewarded by this $25 million settlement.
Trump responded on Twitter to the settlement with the following tweets: “I settled the Trump University lawsuit for a small fraction of the potential award because as President I have to focus on our country.”
“The ONLY bad thing about winning the Presidency is that I did not have the time to go through a long but winning trial on Trump U. Too bad!”