New York City

Trump Foundation reaches deal to dissolve amid lawsuit

December 18, 2018 Associated Press
President Donald Trump. (AP Photo/Evan Vucci)
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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.

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.

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A lawyer for President Donald Trump’s foundation says the New York Attorney General’s Office is giving a misleading account of an agreement to dissolve the charity.

Alan Futerfas says it’s a “further attempt to politicize this matter.”

Futerfas says an agreement announced Tuesday came after the attorney general’s office spent two years blocking the Trump Foundation from voluntarily going out of business.

He says the foundation had been seeking to dissolve and distribute $1.7 million in remaining assets to other charities since Trump’s presidential election victory in 2016.

Attorney General Barbara Underwood alleged in a lawsuit last spring that Trump operated the foundation as an extension of his businesses and political campaign.

Tuesday’s agreement gives the attorney general’s office oversight it had been seeking over the distribution of foundation funds.

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