Settles Trump University suit for $25 million
Trump agrees to settle three cases relating to Trump University for $25 million. The cases were brought by former students who paid $35,000 for real estate “secrets” from his “hand-picked” instructors. Trump will not admit any wrongdoing in the settlement. Schneiderman
Today’s $25 million [£20m] 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.
Trump, Univision reach Miss USA settlement
Trump and Univision reach a settlement litigation that was initiated after the network decided not to air Trump’s Miss Universe and Miss USA pageants. Terms are not disclosed. Trump:
I have known Univision’s President and CEO, Randy Falco, for more than 20 years and I’m glad we are able to put these differences behind us.
Falco:
I have known Donald Trump for many years in both a personal and professional capacity and we are pleased to settle this matter and move forward.
Divorce settlement
The Trumps settle their divorce. Ivana gets a settlement of $14 million dollars, a 45-room mansion, an apartment in the Trump Plaza, and $650,000 annually. The deal is similar to their prenuptial agreement. Trump will retain the 50-room triplex they shared at the top of Trump Tower, New York. Due to Donald’s precarious financial situation, Ivana’s lawyers say she wants to take the money now rather than hold out for a better deal. If Trump is forced to file for personal bankruptcy protection, the lawyers feared that Ivana would be just one of her ex-husband’s many creditors. Donald had asked his bankers this week for $10 million to pay for the settlement, but the banks confirmed yesterday that they had refused. He said he would come up with the money, but it remains unclear where the $14 million will come from because he gets a living allowance of only $375,000 a month from the banks. Donald:
I’m very happy that this is behind me and I think it’s a real positive step for everyone.
Pays $750,000 to settle FTC antitrust suit
Trump agrees to pay a $750,000 civil penalty to settle an antitrust lawsuit brought by the FTC, alleging his 1986 stock purchase of Holiday Corp. and Bally Manufacturing Corp, as part of a takeover bid, violated the notification procedures required by the Hart-Scott-Rodino Act. The law requires that buyers must notify the government before purchasing more than $15 million worth of voting stock in a company and wait 30 days before completing the transaction.
[I decided to settle the case] to avoid protracted litigation within the federal government over a highly technical disagreement between the FTC and the business community…I firmly believe that I was in full compliance with the Hart- Scott-Rodino Act reporting restrictions…The most respected lawyers in the business’ [told me the law exempted the purchase of stock options]. Bear, Stearns also gave me the same assurance. I assume Bear, Stearns will reimburse me for the expense.