Donald Trump has agreed to settle a series of fraud lawsuits brought against his Trump University enterprise for $25 million.

The settlement if approved would silence a dispute that dogged his presidential campaign, with opponents accusing him of "fleecing" students.

“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," said Eric Schneiderman, the New York attorney general who brought the case.

He added that Mr Trump would pay up to $1 million in penalties for violating state education laws.

Lawyers for the president-elect have been arguing against students who claim they were they were lured by false promises into paying up to $35,000 to learn Mr Trump's real estate investing "secrets" from his "hand-picked" instructors.

It has since emerged that several of the teachers had no university degree or even an educational background.

One instructor was already a convicted felon when he was hired in 2008—for aggravated assault, recent depositions in the Trump University case reveal.

There are three lawsuits relating to Trump University: two class actions suits in California and a case brought by Mr Schneiderman.

All of the cases would be covered in the possible settlement. Mr Schneiderman has said over 5,000 students across the country were defrauded out of about $40 million.