Trump Foundation agrees to dissolve under New York Attorney General review
ALBANY N.Y. —
The New York Attorney General's office says the Trump Foundation has agreed to dissolve under judicial supervision, with review and approval by the Attorney General.
In a news release Tuesday, Attorney General Barbara Underwood said following a court decision in favor of the A.G., the Trump Foundation signed paperwork agreeing to give the state final approval of how the foundation distributes its remaining assets to charity.
Attorney General Underwood’s lawsuit sought the dissolution of the Foundation under judicial supervision and with the oversight of the Attorney General's Charities Bureau. 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.
Attorney General Underwood released the following statement:
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. This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.
Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year. Under the terms, the Trump Foundation can only dissolve under judicial supervision – and it can only distribute its remaining charitable assets to reputable organizations approved by my office.
This is an important victory for the rule of law, making clear that there is one set of rules for everyone. 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.
The Attorney General filed the stipulation with the court Tuesday, it is awaiting the judge’s signature.