Donald Trump is reportedly close to settling two lawsuits brought against him over his now-defunct Trump University.
Under the agreement, the president elect would be required to pay a settlement of about $25 million, according to a source who is familiar with the negotiations who spoke on condition of anonymity. The settlement could be announced as early as Friday.
The lawsuits brought on opposite coasts by New York Attorney General Eric Schneiderman and a law firm in California alleged that the school had scammed customers into taking expensive classes — some paying as much as $35,000 — that were run by people who had little to no connection to Trump himself. Schneiderman has said about the ‘university,’ “This was a fraud from top to bottom.”
Trump will not have to admit any wrongdoing according to New York Daily News. Schneiderman’s office declined to confirm — or deny — that they were close to a settlement, but a spokesman said that the attorney general was “open” to an agreement. Eric Soufer said in a statement:
“As Attorney General Schneiderman has long said, he has always been open to a settlement that fairly compensates the many victims of Trump University who have been waiting years for a resolution.”
During the presidential campaign, the businessman turned politician repeatedly bragged that he never settles lawsuits because settlements would be incentive for more lawsuits. Specific to the Trump University case, he continuously denied the allegations and vowed to take the case through trial where he promised he would be vindicated.
The ‘university’ was not a conventional university, but a real estate seminar business that charged students between $1,495 and $34,995 each to learn the real estate mogul’s secrets to success. It was launched in 2005, and changed its name to The Trump Entrepreneur Initiative in 2010, after the New York State Education Department pressured it to stop calling itself a university.