The mogul charged between $1,495 (£960) and $35,000 (£22,466) for his 'Donald Trump University', where it was promised that real estate investment and business students would receive "individual instruction until they made their first deal".
© PA Images / Arnulfo Franco/AP
However, The Hollywood Reporter reveals that the programme offered mostly useless seminars, with few of the aspiring moguls managing to land even on real estate deals.
Trump has described the lawsuit as "politically motivated" and "a waste of taxpayers' money", insisting that the institute did not cheat participants.
He claims that Attorney General Eric Schneiderman is targeting him because he did not raise enough funds during Schneiderman's Attorney General race, for which he donated $12,500 (£8,000) in 2010.
However Schneiderman has released a statement saying: "Trump University engaged in deception at every stage of consumers' advancement through costly programmes and caused real financial harm.
© PA Images / Charles Sykes/AP
"Trump University, with Donald Trump's knowledge and participation, relied on Trump's name recognition and celebrity status to take advantage of consumers who believed in the Trump brand."
This marks one of several lawsuits that Trump has faced in the past year. He recently won a $5 million legal battle against a contestant in his Miss USA pageant.
He also launched a lawsuit against television host Bill Maher for $5 million, which he later "temporarily" dropped.
The NY Attorney General is seeking $40 million in damages for the students and the city of New York.
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