The Donald J. Trump Foundation agreed to dissolve Tuesday and surrender all of its assets under court supervision in response to an ongoing lawsuit brought by the New York attorney general, The New York Times reported.
New York Attorney General Barbara Underwood said the alleged charity had been “functioning as little more than a checkbook to serve Mr. Trump’s business and political interests,” and of engaging in “a shocking pattern of illegality,” which also included illegal coordination with Trump’s presidential campaign.
Along with dissolving the foundation, Underwood is suing to bar Trump and his three oldest children from being able to sit on the board of any New York charity. The attorney general is also asking a judge to force the foundation to repay millions in restitution and penalties.
“This is an important victory for the rule of law, making clear that there is one set of rules for everyone,” Underwood said Tuesday. “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.”
Underwood filed the lawsuit in June, alleging that the foundation was involved in “improper and extensive political activity, repeated and willful self-dealing transactions, and failure to follow basic fiduciary obligations or to implement even elementary corporate formalities required by law.”
Trump rages on Twitter in response to ruling:
Trump noted that the foundation agreed to dissolve in 2016 but was blocked by the attorney general, whose office called the terms at the time “not acceptable” because it would have no oversight. Trump blamed former New York Attorney General Eric Schneiderman, who resigned before the lawsuit after multiple women accused him of abuse.
Incoming AG vows more action:
New York Attorney General-elect Letitia James has vowed to “use every area of the law to investigate President Trump and his business transactions and that of his family.”
James vowed to investigate the 2016 Trump Tower meeting with a Russian lawyer to obtain dirt on Hillary Clinton, any possible illegalities involving Trump’s real estate assets, and whether he is in violation of the emoluments clause.
"We want to investigate anyone in his orbit who has, in fact, violated the law," said James.
