President Trump has agreed to shut down and dissolve the Trump Foundation in a deal made with the New York attorney general.
According to Fox5:
NEW YORK – President Trump has agreed to shut down his personal charity, the Donald J. Trump Foundation in accordance with a deal amid a legal battle with New York’s attorney general.
New York Attorney General Barbara Underwood said on Tuesday the Trump Foundation signed a stipulation agreeing to dissolve under judicial supervision with review and approval by the Attorney General. The Foundation’s remaining assets will go to proposed recipient charities.
Lawyers for the foundation say any infractions were minor. They say they have been trying to shut down the foundation voluntarily for months.
The State’s Attorney’s Office filed a lawsuit this past spring that alleges Trump illegally tapped the Trump Foundation to settle legal disputes, help his campaign for president and cover personal and business expenses, including the purchase of a life-size portrait of himself for $10,000.
The judge and attorney general’s office will now oversee the dissolution of the foundation instead of it being done privately. In the past, Trump’s lawyers had called the suit politically motivated.
