New York Attorney General Barbara Underwood announced today that the Trump Foundation has signed a stipulation agreement to dissolve under judicial supervision.
The stipulation follows last month’s court decision allowing the attorney general’s lawsuit against the Trump Foundation to proceed.
The lawsuit – which also seeks millions in restitution and penalties and a bar on President Trump and his three eldest children from serving on the boards of other New York charities – remains ongoing.
“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 remarked in a prepared statement. “This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.”
Under the terms of the agreement, the Trump Foundation can only distribute its remaining charitable assets to reputable organizations approved by the state attorney general’s office.
“This is an important victory for the rule of law, making clear that there is one set of rules for everyone,” Underwood also said. “We’ll continue to move our suit forward to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law.”
Alan Futerfas, an attorney for the Trump Foundation, maintains that Underwood’s statement is “misleading.” He said the foundation has been trying to “dissolve and distribute” remaining assets to charity since Trump’s 2016 election.
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