The $25M include restitution for students and $1M in penalties to the state

Trump named as a defendant in two suits in California, one in New York

Donald Trump has settled the fraud lawsuits related to his now-defunct Trump University for $25 million - shutting down accusations of fraud while admitting no wrongdoing.

The settlement came Friday afternoon and was confirmed by New York's attorney general Eric Schneiderman, who had led the charge against Trump and painted the tycoon's former school for real estate investors as little more than a scam.

Three cases against Trump - two class-action lawsuits in California and a civil suit filed by Schneiderman - are expected to be put to rest.

The $25 million, to be paid by Trump or one of his business entities, include restitution for students and $1 million in penalties to the state, Schneiderman said.

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Donald Trump on Friday settled the fraud lawsuits related to his now-defunct Trump University for $25 million, according to New York's attorney general Eric Schneiderman

The $25 million, to be paid by Trump or one of his business entities, include restitution for students and $1 million in penalties to the state. Pictured, lead Trump attorney Daniel Petrocelli arrives for a hearing Friday in San Diego, California

Schneiderman had previously called Trump University a 'fraud from beginning to end.'

The suits against the school claimed that Trump University failed to deliver the quality real estate investing education it promised.

Friday's deal doesn't require Trump to acknowledge wrongdoing.

Former students have bashed the university in recent months, with some of them calling it a scam that had robbed them of up to $35,000 apiece for useless real estate classes.

Trump University was launched in 2005 and closed five years later amid growing legal troubles.

Attorneys for the president-elect had previously tried to get one of the California suits delayed while Trump was busy negotiating his transition into his presidency.

Trump had said he wouldn't settle the case because he thought it would be easy to win in court.

The president-elect had also lambasted the judge in charge of the case, Gonzalo Curiel, claiming Curiel's Mexican heritage meant the judge couldn't possibly treat him fairly.

The settlement enables Trump (pictured in a file photo) to shut down accusations of fraud against his now-defunct real estate school while admitting no wrongdoing

Trump had repeatedly denied the fraud allegations during his presidential campaign.

'Do you know that almost everybody in the lawsuit has signed a letter saying how great the school was? That's why I won't settle because it's an easy case to win in court,' Trump said on MSNBC's Morning Joe earlier this year.

Trump's legal team at one point tried to have comments he made throughout the election excluded from the trial, claiming his tweets and outlandish remarks towards women, minorities and other groups could affect his credibility. Their motion was denied.

Former students say they were lured by false promises that Trump had 'handpicked' tutors for courses in real estate.

Seminars were more akin to infomercials, they said, and they were never given access to the businessman and his industry 'secrets' as promised.

The president elect's lawyers filed documents Wednesday, seen exclusively by DailyMail.com, with the highly unusual request for information about how the jurors were chosen and who conducted the screening of the candidates.