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U.S. President-elect Donald Trump has agreed to settle lawsuits relating to his Trump University series of real estate seminars for $25 million, the New York Attorney General's office said on Friday.
The suits alleged that the seminars failed to deliver the education it promised. The deal settles two class-action lawsuits in California and a civil suit filed by Schneiderman.
"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," Attorney General Eric Schneiderman said in a statement. "I am pleased that under the terms of this settlement, 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."
On Twitter, the president-elect hailed the agreement as a necessary condition for focusing on running the country, but boasted that he could have prevailed in a court proceeding.
"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's statement 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."
A federal judge in California had been set Friday to consider arguments on Trump's latest request to delay a trial until after Trump's inauguration on Jan. 20.
Trump's attorneys said in a court filing last week that preparations for the White House were "critical and all-consuming." Six months ago, when they unsuccessfully sought a delay until after Inauguration Day, lead attorney Daniel Petrocelli said the period between the election and swearing-in is extremely hectic for a president-elect but that it was preferable to a trial during the campaign.
A spokesperson for The Trump Organization said it was pleased with the result.
"While we have no doubt that Trump University would have prevailed at trial based on the merits of this case, resolution of these matters allows President-Elect Trump to devote his full attention to the important issues facing our great nation," the spokesperson said.
— The Associated Press, NBC News and Reuters contributed to this report.
This story is developing. Please check back for further updates.