President-elect Donald Trump is preparing to settle lawsuits that claimed his defunct real-estate university was a scam, a person familiar with the matter said.
Trump will pay $20 million to $25 million to settle a class-action lawsuit and a case filed in 2013 by New York Attorney General Eric Schneiderman, said the person, who asked not to be identified because the settlement isn’t public.
Schneiderman, a Democrat, has said Trump "bilked people out of millions of dollars" and that he planned to get that money back for New York victims. Students paid thousands of dollars for the lessons. Schneiderman claims Trump bilked students out of $40 million and that he may have personally made as much as $5 million from the school.
This article was provided by Bloomberg News.