U.S. President-elect Donald Trump has agreed to settle lawsuits relating to his Trump University series of real estate seminars for $25 million, a source familiar with the situation told Reuters on Friday.
Claims brought by New York’s attorney general will represent roughly $4 million of that amount, the source said. The law firms representing students in the case will not seek attorneys fees, only costs, the Reuters source said.
A source told CNBC earlier on Friday that the case was nearing a settlement, and that the president-elect would agree to pay $20 million to $25 million to settle the complaint. Trump will not admit to any wrongdoing in the final agreement, the source said.
The New York Daily News first broke the news. CNBC has reached out to Trump’s attorney.
A spokesperson for New York Attorney General Eric Schneiderman said the attorney general “has always been open to a settlement that fairly compensates the many victims of Trump University who have been waiting years for a resolution.”
Earlier this year, former students of for-profit Trump University filed a lawsuit after they said the school fraudulently misrepresented what students would be taught and falsely claimed that instructors were picked by Trump. Trump’s lawyers have asked the judge on the case to delay the trial, according to NBC News.