New York Attorney General Barbara D. Underwood said that – following a court decision in favor of the state – the Trump Foundation has signed a stipulation agreeing to dissolve under judicial supervision.
The agreement calls for review and approval by the Attorney General of proposed recipient charities of the Foundation’s remaining assets.
This stipulation follows the court decision last month allowing Attorney General Underwood’s lawsuit against the Trump Foundation to move forward.
Underwood said her office found “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.”
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.
“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,” said
Underwood. “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,” said Underwood. “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,” said Underwood. “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 stipulation was filed the with the court today and is awaiting the judge’s signature.
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