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Trump Foundation to dissolve under court supervision

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Posted at 11:35 AM, Dec 18, 2018
and last updated 2018-12-18 11:36:00-05

NEW YORK CITY, N.Y. (WKBW) — The Trump Foundation has agreed to dissolve under court supervision. The move comes amid an ongoing lawsuit surrounding the foundation's finances, according to a statement released by the State Attorney General's office.

The lawsuit, filed by Attorney General Barbara Underwood, also seeks millions in restitution and penalties, in addition to barring President Trump and his three eldest children from serving on the boards of other New York charities. This specific portion of the legal battle 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 today; it's now must be signed by the judge involved.

At this point, the Trump Foundation has not issued a statement on today's decision.