Trump Foundation agrees to dissolve itself in agreement with New York AG

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President Trump’s embattled charitable foundation has agreed to dissolve itself under judicial supervision as part of a lawsuit brought by New York Attorney General Barbara Underwood.

The Trump Foundation had previously sought to dissolve on its own terms but has now signed a stipulation that requires it to do so with monitoring by the court and oversight by the attorney general’s office, which must review and approve disbursements of remaining funds to make sure the recipients are legitimate.

“Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year,” said New York Attorney General Barbara Underwood in a statement. “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.”

(MORE: Judge shuts down accusations of ‘political bias’ in Trump foundation hearing)

The attorney general’s lawsuit alleged that the president and his three eldest children, who served as members of the foundation’s board, repeatedly used charitable donations for personal, political and business gains, including legal settlements, campaign contributions and even to purchase a portrait of Trump to hang at one of his hotels.

The alleged conduct, Underwood said, “amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.”

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