Trump Foundation to dissolve under court supervision amid charges Trump used its funds illegally for his political, business interests

The Trump Foundation has agreed Tuesday to dissolve under judicial supervision, with review and approval by the New York Attorney General’s Office of proposed charities to receive the foundation’s remaining assets. 

This agreement follows the court decision last month allowing a lawsuit by the New York agency against the Trump Foundation to go forward. 

In addition to the dissolution of the foundation, the lawsuit also seeks millions in restitution and penalties and to bar President Trump and his three oldest children from serving on the boards of other New York charities.

“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 Attorney General Barbara D. Underwood. “This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.” 

Underwood said the court ruling makes it 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,” she said.

The deal filed with the court Tuesday is awaiting the judge’s signature.