By Bloomberg
December 18, 2018

President Donald Trump has agreed to shut down his personal charity and distribute its assets to other nonprofits, under an agreement with the New York state attorney general who had alleged widespread wrongdoing, according to a pair of Tuesday court filings.

New York Attorney General Barbara Underwood sued the Donald J. Trump Foundation, Trump and three of his adult children in June, alleging the foundation was little more than a personal piggybank for Trump and that its officers neglected their duties under state law. Trump decried the lawsuit as an act of political revenge by Democratic state officials who were angry he had won the presidency.

Trump vowed to fight the lawsuit, which remains ongoing. But under an agreement dated Dec. 11 and filed on Tuesday, both sides agreed to dissolve the charity and give away its $1.7 million in assets.

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