Banks

BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Economy

Draghi: Eurozone will decline without vital productivity growth

It’s productivity, stupid. European Central Bank president Mario Draghi has become the latest major policymaker to warn of the long-term economic damage posed by chronically low productivity growth, as he urged eurozone governments to take action to lift growth and stoke innovation. Speaking in Madrid on Wednesday, Mr Draghi noted that productivity rises in the […]

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Currencies

Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Banks

Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Categorized | Property

Trump in talks to pay $20m to settle Trump University lawsuit


Posted on November 18, 2016

President-elect Donald Trump, who faces dozens of lawsuits from his business dealings, is in talks to pay roughly $20m to resolve claims by New York’s top cop that he ran a fraudulent real estate educational course, according to a person familiar with the matter.

Eric Schneiderman, New York’s attorney-general, sued Mr Trump, The Trump Entrepreneur Institute – formerly known as Trump University – and Michael Sexton, the former president of the school, in 2013 claiming they defrauded 5,000 students of $40mm, writes Kara Scannell in New York.

Mr Trump and his enterprises have repeatedly denied any wrongdoing.

The settlement talks come as Mr Trump was set to go to trial later this month over civil claims filed by a number of students alleging they were defrauded by the real estate courses, which purported to be actively and personally run by Mr Trump, the real estate tycoon.

Eric Soufer, a spokesman for the Mr Schneiderman, said, “As Attorney General Schneiderman has long said, he has always been open to a settlement that fairly compensates the many victims of Trump University who have been waiting years for a resolution.”

Mr Schneiderman is also investigating whether Mr Trump’s foundation ran afoul of state laws. That investigation is continuing. Mr Trump had previously said it was politically motivated since Mr Schneiderman, a Democrat, publicly supported Hillary Clinton.

Mr Trump’s attorney could not immediately be reached for comment.