Trump Foundation To Dissolve Amid NY Lawsuit
NEW YORK (CBSNewYork/AP) — President Donald Trump's charitable foundation has reached a deal to dissolve amid a legal battle with New York's attorney general.
Attorney General Barbara Underwood and the foundation filed a joint stipulation with the court Tuesday laying out a process for shutting down the charity and distributing its remaining assets to other nonprofit groups.
The lawsuit accuses the foundation of running like an extension of Trump's businesses and political campaign. Lawyers for the foundation say any infractions were minor.
"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."
New York filed a lawsuit last spring accusing the foundation of operating like an extension of Trump's businesses and political campaign. That suit will continue.
Lawyers for the foundation say any infractions were minor. They say they have been trying to shut down the foundation voluntarily for months.
A judge must still sign off on the agreement.
Underwood is a Democrat and is seeking millions of dollars in penalties. She wants Trump and his eldest children barred from running other charities.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)