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The settlement comes less than two weeks before one of the cases was scheduled to be heard by a jury. If accepted, the settlement will prevent the unprecedented scenario of a president-elect possibly having to take the stand in his own defense at a trial.
Schneiderman's office sued Trump in 2013 "for swindling thousands of innocent Americans out of millions of dollars through a scheme known as Trump University," the attorney general said in statement.
Students paid up to $35,000 in tuition for Trump University programs that used high-pressure sales tactics and employed unqualified instructors according to testimony of former Trump University employees, The New York Times reported.
"Every victim will receive restitution," Schneiderman added, adding that Trump "will pay up to $1 million in penalties to the State of New York for violating state education laws."
"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.
"The victims of Trump University have waited years for today's result and I am pleased that their patience -- and persistence -- will be rewarded by this $25 million settlement," Schneiderman said.
In addition to the Seven Springs estate in Bedford, Trump also owns Trump National Golf Club Hudson Valley in Stormville and Trump National Westchester in Briarcliff Manor. The Trump name also adorns Trump Tower At City Center in White Plains, Trump Plaza in New Rochelle, Trump Park Residences in Yorktown and the Donald J. Trump State Park on the Westchester/Putnam border.
Click here to read The New York Times report.
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