Trump Foundation reaches deal to shutdown amid lawsuit

NEW YORK (AP) — President Donald Trump’s charitable foundation reached a deal Tuesday to go out of business, even as Trump continues to fight allegations he misused its assets to resolve business disputes and boost his run for the White House.

New York’s attorney general and lawyers for the Trump Foundation agreed on a court-supervised process for shutting down the charity and distributing about $1.7 million in remaining funds to other nonprofit groups.

The agreement resolved one part of the legal drama surrounding Trump, whose campaign, transition, inauguration and real estate empire are all under investigation.

Attorney General Barbara Underwood’s lawsuit alleging Trump and his family illegally operated the foundation as an extension of his businesses and his presidential campaign will continue.

The lawsuit, filed last spring, seeks $2.8 million in restitution and a 10-year ban on Trump and his three eldest children — Donald Jr., Eric and Ivanka — from running any charities in New York.

In a statement Tuesday, Underwood cited “a shocking pattern of illegality involving the Trump Foundation — including unlawful coordination with the Trump presidential campaign, repeated and wilful self-dealing, and much more.”

The foundation operated as “little more than a checkbook to serve Mr Trump’s business and political interests,” she said.

Lawyers for the foundation have said any infractions were minor.

Once the judge approves the deal to dissolve the charity, the two sides will have 30 days to provide her with a list of nonprofit organisations that should get the remaining funds.

Each charity will get the same amount, and the attorney general’s office will have the right to reject ones it deems unfit to receive funds.

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