The art of the deal: Trump settles all outstanding Trump University fraud litigation

The president-elect will pay out $24 million to jilted students, $1 million in penalties

New York /
Nov.November 18, 2016 05:50 PM

President-elect Donald Trump settled all outstanding Trump University fraud litigation today, ending years of unresolved legal disputes with former students.

CNBC first reported Friday morning that Trump was getting close to settlement agreements that would end three actions against him in New York and California. According to the terms of the agreements reached Friday afternoon, Trump will pay $21 million to former students in California, settling two class action lawsuits there.

In New York, where Attorney General Eric Schneiderman brought a $40 million action against Trump University for running a “bait-and-switch scheme,” Trump will pay $3 million to former students not covered by the California settlements. He’ll also pay an additional $1 million in New York state penalties for running an unlicensed university.

Trump, however, will not admit any wrong doing as a part of the agreement.

“The victims of Trump University have waited years for today’s result,” Schneiderman said in a statement, “and I am pleased that their patience — and persistence — will be rewarded by this $25 million settlement.” [NY Daily News] — Will Parker


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Hamptons’ priciest summer rental to host MAGA extravaganza next month
Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
Trump Plaza New Rochelle dumps Trump Org as property manager
Trump Plaza New Rochelle dumps Trump Org as property manager
Donald Trump with Trump International Hotel in Washington DC (Getty, Trump Hotels)
Trump Org in “advanced talks” to sell DC Hotel lease
Trump Org in “advanced talks” to sell DC Hotel lease
Donald Trump and Trump Tower at 725 5th Avenue (Getty, Jorge Láscar/Wikimedia)
Trump PAC a key tenant at strained Trump Tower
Trump PAC a key tenant at strained Trump Tower
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
Texas broker pleads guilty to misdemeanor for involvement in Capitol riot
Texas broker pleads guilty to misdemeanor for involvement in Capitol riot
Texas broker pleads guilty to misdemeanor for involvement in Capitol riot
Can Trump International Chicago bounce back?
Can Trump International Chicago bounce back?
Can Trump International Chicago bounce back?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...