The billionaire reportedly paid $25m for the lawsuits, the New York Attorney General has said.
Trump was sued by former university students.
Trump had earlier said that he would not settle the lawsuits and his present decision is view by lawyers as a 'stunning reversal', the BBC reported.
Trump's lawyer Daniel Petrocelli was quoted by the network as saying, "He was willing to sacrifice his personal interests, put this behind him, and move forward."
Earlier in the month, the billionaire stumped many by winning the US Presidential election, defeating opponent Hillary Clinton by a fair margin.