President Donald Trump has agreed to shut down his embattled personal charity amid allegations that he used it for his personal and political benefit and give away its remaining funds, the NY attorney general announced Tuesday.
The foundation will give away its assets to other nonprofit organizations throughout the next 30 days.
The lawsuit, filed by the state in June, claimed that Trump used his charity for political and personal gain.
Tuesday's agreement (local time), which still needs a judge's approval, came weeks after a NY judge rejected arguments from the foundation's lawyers that the case was politically motivated and should be thrown out.
Underwood said in a statement that the development "accomplishes a key piece of the relief sought" by her office.
Attorney General Barbara Underwood alleged in a lawsuit last spring that Trump had illegally operated the foundation as an extension of his businesses and his White House campaign.
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"This is an important victory for the rule of law", Underwood said in a statement.
The ruling came less than a month after Justice Saliann Scarpulla of the New York State Supreme Court in Manhattan rejected Mr Trump's motion to dismiss Ms Underwood's lawsuit. They did not immediately respond to requests for comment on Tuesday's agreement. "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", she wrote. "Over the past decade, the Foundation is proud to have distributed approximately $19 million, including $8.25 million of the President's personal money, to over 700 different charitable organizations with virtually zero expenses".
The court petition accused President Trump of willfully and knowingly using "the foundation to the benefit of his [2016 presidential] campaign" through coordinated fundraising for veterans' groups.
The suit seeks $2.8 million in restitution and to bar Trump, Don Jr, Eric and Ivanka from serving on the boards of other NY non-profits. It also asked for more than $2.8 million in damages and penalties. Campaign manager Corey Lewandowski and other senior campaign officials determined which parties got the donations, a violation of a law stating that nonprofits such as the Trump Foundation are barred from political activity.
Underwood has referred her office's findings to the IRS and the Federal Election Commission.
According to the Form 990 filed by the Trump Foundation in 2007, the WWE (World Wrestling Entertainment) gave 114 times as much to the foundation as Trump did himself. They tell them all about a charity, like say a children's hospital, pulling on their heartstrings and getting them to donate to the Donald J.