Trump settles Trump U case for $25 mn

US President-elect Donald Trump has reached a $25 million settlement in class action suits that saw his now-defunct Trump University accused of fraud -- a deal that will spare him the embarrassment of further legal wrangling as he forms his government.

"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," New York state 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."