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Lindsay Kimble
November 18, 2016 04:50 PM

President-elect Donald Trump has agreed to pay $25 million to settle the lawsuits against his now-defunct Trump University, New York Attorney General Eric T. Schneiderman said in a statement on his website, Friday.

“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,” Schneiderman said. “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.”

Schneiderman said that he was “pleased” that “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.”

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Just last week, lawyers for the PEOTUS filed a motion to delay one of the California class-action fraud lawsuits filed against him by three former Trump University students until after the presidential inauguration on Jan. 20. Originally, the trial was set to begin on Nov. 28.

In the motion, lawyer Daniel Petrocelli claimed that the extra time would give both sides time to possibly reach a settlement.

The settlement resolves the suits brought against Trump both in California and New York, the Wall Street Journal reported. As part of the agreement, the president-elect will not admit any wrongdoing.

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