By Michael Hernandez
U.S. President Donald Trump agreed to shut down his namesake charity foundation amid allegations it was used to further his personal and political interests, New York's attorney general said Tuesday.
Barbara Underwood filed suit against the foundation in June alleging the Trump Foundation had been engaged in "persistently illegal conduct," including work with Trump's 2016 presidential campaign that ran afoul of U.S. law.
"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. "This resulted in multiple violations of state and federal law because payments were made using Foundation money regardless of the purpose of the payment."
The foundation's decision to dissolve follows a judge's ruling in November to allow New York's suit to continue.
The foundation will have to dissolve under a court's supervision.
Underwood's office will continue to pursue its lawsuit against the charity, Trump and his three eldest children.
That suit is seeking to bar the Trumps named in the case from serving on the boards of charities in New York state, as well as millions of dollars in restitution and fines.
“Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year," Underwood said in a statement.
"This is an important victory for the rule of law, making clear that there is one set of rules for everyone. 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,” she added.