It makes sense that Trump would want to sew this one up and get it off of his back before January.
After vowing not to give in and not to settle, the President-elect has apparently decided that his best option would be to settle the class action lawsuit brought against him, in regards to his fraudulent, for-profit school, Trump University.
In a complete turnaround from his previous position, President-elect Donald Trump is nearing a settlement of the fraud cases brought in New York and California involving his now defunct for-profit Trump University, the Daily News has learned.
Under the emerging deal being negotiated by Trump’s lawyers, New York State Attorney General Eric Schneiderman and the law firm that brought a class action lawsuit regarding Trump University in California, the president-elect will agree to pay between $20 million and $25 million to settle the matter, a source with knowledge of the situation said.
Trump will not admit to any wrongdoing in the final agreement, which could be announced as soon as Friday, the source said.
So that was his takeaway – he gets to pay it off and doesn’t have to admit he was running a scam on single parents and retirees, who were hoping to learn to be businessmen and women.
A second class action suit was set to begin in California just a few days from now. Trump’s impending inauguration may have been the impetus for rushing through the settlement.
Schneiderman spokesman Eric Soufer wouldn’t comment on the specifics, but said “as Attorney General Schneiderman has long said, he has always been open to a settlement that fairly compensates the many victims of Trump University who have been waiting years for a resolution.” A lawyer for Trump could not be reached for comment.
Schneiderman in 2013 brought a fraud lawsuit against Trump University claiming that the school was nothing but a scam designed to make money for Trump by falsely promising wannabe real estate developers they would learn the tricks of the trade from Trump and his hand-picked teachers.
Instead, those who enrolled were pressured to take more expensive programs from people not selected by Trump. The closest they got to Trump himself was when they were able to take a picture with a cardboard cutout of him, Schneiderman alleged.
The initial sum sought was $40 million, but the $20 to $25 million will cover the losses of over 5,000 students from New York and California.
The “school” closed in 2010, and many of the victims have been waiting since 2012 for some kind of resolution to their case.
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- Discussion
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Make It Go Away: Trump to Settle Trump University Fraud Case https://t.co/2BsJxXLSOE
— RedState (@RedState) November 18, 2016
Trump seven months ago: "I don't get sued because I don't settle cases. I win in court."
Trump now: https://t.co/CKuS5YgLSm
— Gabby Morrongiello (@gabriellahope_) November 18, 2016
It is customary to have language in a settlement agreement stating that the alleged wrongdoer did no wrong. It’s quid pro quo. The plaintiffs will not seek to hold the defendants liable in exchange for money.
However, God knows what happened here and it will all be in His ledger waiting for Trump and his co-conspirators when they stand before Him in judgment.
BREAKING: New York AG: In a "stunning reversal" by Pres.-elect Trump, a $25M settlement agreement has been reached in Trump Univ. case. pic.twitter.com/2AQkdbsSxb
— NBC Nightly News (@NBCNightlyNews) November 18, 2016
A look at the last 4 hours on Google shows how fast Trump forced his Hamilton spat to the top of the agenda instead of Trump U @robfordmancs pic.twitter.com/0nqZqICvgt
— Asa Bennett (@asabenn) November 19, 2016
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