Trump Foundation

Trump Foundation to Dissolve Under Court Supervision


from The Wall Street Journal,

The NYAG sought to sue to prevent dissolution of the Foundation which was already planned in 2016.

President Trump’s family foundation will dissolve under a judge’s supervision amid allegations the charity misused funds to further its namesake’s interests. The agreement stems from a lawsuit, brought by the New York state attorney general’s office in June, alleging that Mr. Trump used the Donald J. Trump Foundation to pay legal settlements, further his 2016 campaign, and promote his businesses. The deal, which still has to be signed by a judge, requires the attorney general’s office to approve the charities that will receive the foundation’s remaining assets. The lawsuit remains ongoing, the attorney general’s office said. Alan Futerfas, a lawyer for the charity, said the foundation had been seeking to dissolve and distribute its remaining assets since the 2016 election. “Unfortunately, the NYAG sought to prevent dissolution for almost two years, thereby depriving those most in need of nearly $1.7 million,” he said, citing the amount of remaining assets.

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