(CNBC) -- New York Attorney General Barbara Underwood on Tuesday announced that the Donald J. Trump Foundation has agreed to dissolve under judicial supervision and to give away its remaining funds while the state conducts an investigation into whether the president’s namesake charity misspent donations.
“Our petition detailed a shocking pattern of illegality involving the Trump Foundation – including unlawful coordination with the Trump presidential campaign, repeated and willful self-dealing, and much more,” Underwood said in a statement. She went on to allege that the foundation had functioned “as little more than a checkbook to serve Mr. Trump’s business and political interests.”
Following the announcement, Trump lawyer Alan Futerfas told NBC News said it was the foundation, and not the state, which had initially sought the dissolution. “We are happy that we could get this resolved,” Futerfas reportedly said.
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