DONALD Trump hates to settle lawsuits but it appears he is set to pay millions of dollars to end the Trump University dispute.
CNBC reports that the President-elect will agree to pay between $US20 million and $US25 million so the issue doesn’t hang over his presidency.
Under the agreement, Mr Trump will not admit any wrongdoing.
Mr Trump had said during the presidential campaign that he would reopen the school, which closed its doors in 2010, once the cases were over.
A trial date had been approaching regarding a class action in California, which may have required Mr Trump to testify.
Mr Schneiderman brought the fraud case against Mr Trump in 2013, claiming that the school was a scam designed to make money for the billionaire.
He claims that students who enrolled were pressured to take more expensive programs from people not selected by Trump and that the closest they ever came to seeing him was posing with a cardboard cutout of him.
Mr Schneiderman initially wanted $US40 million from Mr Trump, saying he swindled more than 5000 students through the school.
“Using false promises to prey on desperate people has long been a hallmark of ‘snake-oil salesmen,’” Mr Schneiderman said in July. “A lawsuit by my office alleges that Donald Trump was basically doing the same thing with Trump University.”
About 800 students in the New York case, who have been waiting since 2012, will receive compensation, under the reported deal.
CNBC reports that the President-elect will agree to pay between $US20 million and $US25 million so the issue doesn’t hang over his presidency.
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| Donald Trump in 2005 talking about Trump Universit |
Under the agreement, Mr Trump will not admit any wrongdoing.
Mr Trump had said during the presidential campaign that he would reopen the school, which closed its doors in 2010, once the cases were over.
A trial date had been approaching regarding a class action in California, which may have required Mr Trump to testify.
Mr Schneiderman brought the fraud case against Mr Trump in 2013, claiming that the school was a scam designed to make money for the billionaire.
 |
| Donald Trump holding a book at a media conference announcing the establishment of Trump University in New York City. Picture |
He claims that students who enrolled were pressured to take more expensive programs from people not selected by Trump and that the closest they ever came to seeing him was posing with a cardboard cutout of him.
 |
| New York Attorney General Eric Schneiderman called Donald Trump a snake oil salesman. |
Mr Schneiderman initially wanted $US40 million from Mr Trump, saying he swindled more than 5000 students through the school.
“Using false promises to prey on desperate people has long been a hallmark of ‘snake-oil salesmen,’” Mr Schneiderman said in July. “A lawsuit by my office alleges that Donald Trump was basically doing the same thing with Trump University.”
About 800 students in the New York case, who have been waiting since 2012, will receive compensation, under the reported deal.