$25 million settlement reached in Trump University lawsuit

President-elect Donald Trump smiles as he arrives to speak at an election night rally, Wednesday, Nov. 9, 2016, in New York. (AP Photo/ Evan Vucci)
President-elect Donald Trump smiles as he arrives to speak at an election night rally, Wednesday, Nov. 9, 2016, in New York. (AP Photo/ Evan Vucci)

NEW YORK (NBC NEWS) – Donald Trump has reached an agreement to settle the lawsuit against Trump University for $25 million, New York’s attorney general said Friday.

New York Attorney General Eric Schneiderman called the settlement “a major victory for the over 6,000 victims of his fraudulent university.”

Trump will also pay up to $1 million in penalties to the state of New York, Schneiderman said.

The deal doesn’t require Trump to acknowledge wrongdoing.

Messages left with Trump’s attorneys weren’t immediately returned. Trump has strongly denied the allegations and said during the campaign that he wouldn’t settle.

Related: Yes, Trump Can Be Compelled to Testify in Trump University Lawsuit

Former students of Trump University say the school fraudulently misrepresented what students would be taught and falsely claimed that instructors were handpicked by Trump. The trial had been scheduled to start Nov. 28.

Trump’s attorneys last week asked a judge to delay the trial until after the inauguration, citing the “critical and all-consuming” work the president-elect has to do before he takes office in January.

The deal doesn’t require Trump to acknowledge wrongdoing.Messages left with Trump’s attorneys weren’t immediately returned. Trump has strongly denied the allegations and said during the campaign that he wouldn’t settle.

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