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WASHINGTON, Nov. 18 (Xinhua) -- U.S. President-elect Donald Trump agreed Friday to pay 25 million U.S. dollars in settlements to close the legal cases against his Trump University.
The settlement deal was confirmed by both the New York State Attorney General's office and a Trump spokesperson.
"Today's 25 million U.S. dollars' settlement agreement is a stunning reversal by Donald Trump and a major victory for the over 6,000 victims of his fraudulent university," New York State Attorney General Eric Schneiderman said.
Trump University, a for-profit education institution founded by Trump and his partners, offered to teach students how to become successful in the real estate market, but came under fire for not delivering on its promise.
Although the institute closed in 2011, lawsuits against it continued.
CNN cited a Trump spokesperson as saying that Trump chose to settle in order to "devote his full attention to the important issues facing our great nation," but that there was "no doubt that Trump University would have prevailed."
Schneiderman said every victim of Trump University will receive restitution, and the state of New York will receive one million dollars in fines.
