The lawsuit will remain in place even after the charity is dissolved and will be one of the most serious legal challenges facing the president and his family
(Bloomberg) — U. S. President Donald Trump has agreed to shut down his embattled personal charity and donate its assets under an agreement with the New York attorney general who alleged rampant wrongdoing, including the use of funds for political and business purposes.
#BREAKING: We’ve secured a stipulation requiring the Trump Foundation to dissolve under judicial supervision, with our review of recipient charities. The Foundation functioned as little more than a checkbook to serve Mr. Trump’s interests. Our lawsuit remains ongoing. pic.twitter.com/FsRubdNZs9
The Donald J. Trump Foundation and New York Attorney General Barbara Underwood agreed to dissolve the foundation and give away its remaining $1.7 million in a process that will ultimately require a judge’s approval, according to filings Tuesday in state court in Manhattan. Trump’s charity announced in 2016 that it would dissolve, before Underwood sued, but the state blocked that plan until it could establish oversight of the closure.
“Our petition detailed a shocking pattern of illegality involving the Trump Foundation — including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more,” Underwood said Tuesday in a statement.
Underwood sued the foundation and Trump in June, alleging the foundation functioned as “little more than a checkbook to serve Mr. Trump’s business and political interests.” Also named were his three eldest children — Ivanka, Eric and Donald Jr. — who as directors of the charity had neglected their duties under state law, she claimed. In November, a judge rejected the nonprofit’s request to throw the case out.
