Trump Foundation to shut down amid legal battle

Trump Foundation to shut down amid legal battle

Trump Foundation to shut down amid legal battle

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 assets to other nonprofit groups.

Trump Foundation attorney Alan Futerfas accused Underwood of "politicizing" the settlement, suggesting the lawsuit itself was the only thing holding the Foundation back from appropriately liquidating its assets to benefit "those most in need".

'This is an important victory for the rule of law, making clear that there is one set of rules for everyone, ' she noted.

The decision to close the charity partly resolves a lawsuit brought by NY state Attorney general Barbara Underwood.

The US president's charitable Trump Foundation is being forced to dissolve under the supervision of the New York Attorney General.

By noon, the Trump White House was also backing down on its threat of a government shutdown over border wall funding, with trump aides saying they were looking at alternate ways to get the $5 billion for the project.

Trump posted on Twitter in June, accusing "the sleazy New York Democrats" of targeting him.

When New York sued Trump in June, it charged "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". But the NY attorney general blocked that move while the investigation continued.

Trump tweeted Wednesday that his foundation has "done great work and given away lots of money".

The suit claimed that up to $3m in such funds boosted Trump's campaign.

Alan Futerfas, a lawyer for the Trumps, responded in a statement that the lawsuit had delayed the foundation's plan to dissolve after Trump won the US presidential election in November 2016. He said the foundation distributed approximately $19 million over the past decade, including $8.25 million of the President's personal money.

"Shady Eric was head of New Yorkers for (Hillary) Clinton, and refused to even look at the corrupt Clinton Foundation", he said, repeating an inaccurate claim that the then-attorney general led her campaign work in NY in 2016.

"The Foundation was little more than a checkbook for payments to not-for-profits from Mr. Trump or the Trump Organization", Underwood wrote in the initial suit. In a 2016 story, The Washington Post revealed Trump used money from his foundation to buy the helmet, not his own cash. Outside donors, many of which did business with the president, have given the foundation about $9.3 million.

Underwood said a lawsuit she filed against the charity would continue as her office seeks $2.8 million in restitution.

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