Trump Foundation agrees to dissolve after suit claimed its assets promoted campaign, business
President Donald Trump/Shutterstock.com.
The Donald J. Trump Foundation on Tuesday signed a stipulation agreeing to dissolve and disburse its assets to charities approved by the New York attorney general’s office.
A judge will supervise the dissolution, according to the stipulation and a press release by New York Attorney General Barbara Underwood.
Underwood’s office had sought dissolution of the foundation in a suit claiming some of its assets were used to settle legal obligations, advance Trump’s presidential campaign, and promote his hotel and other business interests.
A judge had allowed the suit to proceed in an opinion last month that urged the parties to agree to dissolution.
The suit remains alive. It seeks $2.8 million in restitution, as well as an order barring Trump and his three oldest children from sitting on boards of any New York charities.
Trump initially had blasted the suit as a “ridiculous case” brought by “sleazy New York Democrats.” In her press release, Underwood called the dissolution “an important victory for the rule of law, making clear that there is one set of rules for everyone.”
The Washington Post, CNN and the New York Times have coverage.
