ALBANY — New York State Attorney General Eric T. Schneiderman’s office has reached an agreement with now-President-elect Donald Trump on a longstanding suit against Trump and Trump University.
The $25 million settlement will go to reimburse over 6,000 people who attended what Schneiderman referred to as the “fraudulent university.”
Trump admitted no wrongdoing in the settlement.
Schneiderman released a statement on the settlement, which follows below in its entirety.
In 2013, my office sued Donald Trump for swindling thousands of innocent Americans out of millions of dollars through a scheme known at 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.
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