US President-elect Donald Trump has agreed to pay $25 million in order to settle the lawsuit against Trump University, according to New York Attorney General Eric Schneiderman.
Schneiderman made the announcement Friday, saying that the settlement amounted to “a major victory for the over 6,000 victims of his fraudulent university.”
The settlement includes all the three lawsuits filed against the university. Trial for one of the cases was slated to begin on November 28.
The money would be split among the suing students. According to Schneiderman, Trump would also pay an extra $1 million in penalties to the state of New York.
The university, which operated between 2004 and 2010, has been accused of being a sham aimed at ripping off students, who claim they were tricked into believing that the New York businessman would handpick the instructors.
Apparently, the students were initially lured through free seminars, where the instructors steered them into…