Real Estate

Federal judge finalizes $25 million Trump University settlement

Schneiderman: Victims of fraudulent university will finally receive relief

Participants in President Donald Trump’s failed real estate school will soon be able to receive their share of the $25 million settlement Trump reached with the state of New York back in 2016.

New York Attorney General Eric Schneiderman announced Monday that District Court Judge Gonzalo Curiel issued an order that finalizes the settlement, which stemmed from a lawsuit filed by Schneiderman’s office in 2013.

Trump originally agreed to the settlement in November 2016, just after winning the presidential election.

The controversy about Trump’s real estate school was one of many issues that were dragged out during the campaign, with some describing the school, which boasted that participants could achieve Trump-like success in real estate, as fraudulent and sleazy.

Hillary Clinton even used the Trump University marketing materials against Trump in a campaign ad.

In the ad, a recording of Trump from 2006, reportedly taken from the Trump University materials, states that he “sort of hopes (a crash) happens because then people like me would go in and buy…if there is a bubble burst, as they call it, you know, you could make a lot of money.”

Trump repeatedly defended the real estate school and its tactics, and according to Schneiderman, fought the lawsuit at every step along the way.

“Judge Curiel’s order finalizing the $25 million Trump University settlement means that victims of Donald Trump’s fraudulent university will finally receive the relief they deserve,” Schneiderman said Monday.

“We are particularly pleased that the final settlement we negotiated with class counsel ensures that members of the class will receive an even higher settlement than anyone originally anticipated,” Schneiderman continued.

“This settlement marked a stunning reversal by President Trump, who for years refused to compensate the victims of his sham university,” Schneiderman concluded. “My office won’t hesitate to hold those who commit fraud accountable, no matter how rich or powerful they may be.”

According to Schneiderman’s office, there are more than 6,000 “victims” of Trump University who will soon see their piece of the settlement payout.

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