March 2016
LEGAL BRIEFS
NYCourtSaysTrumpSuitCanContinue A New York state appeals court decided on March 1 that a lawsuit brought by New York Attorney General Eric T. Schneiderman claiming that Republican presidential front- runner Donald J. Trump’s defunct Trump University defrauded consumers can go forward. In a unanimous ruling, a four-judge panel of the State Supreme Court’s Appellate Division said the state attorney general’s office is “authorized to bring a cause of action for fraud” — despite the billionaire’s claims to the contrary. Lawyers for Trump and his now-defunct school have contended that Schneiderman’s suit should be tossed. They say the statute of limitations on the case had expired — but the appeals court disagreed. The complaint alleged that between 2005 and 2011, more than 5,000 students nationwide, including some 600 in New York, were misled by Trump’s program, which promised to EricSchneiderman
reveal secrets about real estate investing that would make them rich. The program offered a free seminar to start, but drew participants into increasingly expensive classes that culminated in “Trump mentorship packages,” costing as much as $35,000, according to Schneiderman. Schneiderman, a Democrat, hailed the decision in a statement as a “clear victory in our effort to hold Donald Trump and Trump University accountable for defrauding thousands of students.” In statement, Donald Trump called Schneiderman a “typical politician,” adding that he “continues to waste taxpayer money trying to smear me, but the fact is that the overwhelming majority of students had a great experience.” There are two other lawsuits in California against Trump University: Cohen vs. Donald J. Trump and Makaeff, et al. vs. Trump Universit y.
SOURCES: New York Attorney General,Donald Trump
New Home Sales, NAR Existing Home Sales & Foreclosure Filings
10,000,000
400,000
Annualized Commerce Dept. New Home Sales
Annualized NAR Existing Home Sales
RealtyTrac Properties with Foreclosure Filings
9,000,000
350,000
8,000,000
300,000
7,000,000
250,000
6,000,000
5,000,000
200,000
4,000,000
150,000
3,000,000
100,000
2,000,000
50,000
1,000,000
0
0
SOURCES: RealtyTrac, National Association of Realtors, U.S. Commerce Department
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