President-elect Donald Trump settled the lawsuit against his Trump University for $35 million, but he might be able to write off most of it from his taxes.
Whether or not Trump will be able to actually write off the settlement from his taxes remains to be seen. But Trump controversially refused to release his taxes to the public as a presidential candidate, which indicates he might not do so as president, either.
Despite the tax issue, New York State Attorney General Eric Schneiderman praised the outcome, says Forbes.
“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,” Schneiderman said in a statement, according to The New York Times. “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.”
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Trump denied any wrongdoing in Trump University and vowed to fight the case before he was elected president.
But after his upset victory over former Democratic presidential nominee Hillary Clinton, Trump said he didn't have time to fight the case.
“The ONLY bad thing about winning the Presidency is that I did not have the time to go through a long but winning trial on Trump U. Too bad!: Trump tweeted. “I settled the Trump University lawsuit for a small fraction of the potential award because as President I have to focus on our country.”