NEW YORK (AP) - The Latest on a deal to dissolve President Donald Trump’s charitable foundation (all times local):
3:20 p.m.
The New York Attorney General’s Office says it blocked President Donald Trump’s foundation from voluntarily going out of business because the charity wanted to do so without oversight.
A spokeswoman for Attorney General Barbara Underwood says the Trump Foundation only sought to dissolve after it found itself under investigation two years ago.
The sides agreed Tuesday to a court-supervised plan for the foundation to fold and distribute its remaining $1.7 million in assets to other charities.
Underwood alleged in a lawsuit last spring that Trump operated the foundation as an extension of his businesses and political campaign.
Trump Foundation lawyer Alan Futerfas says the foundation had been seeking to dissolve since Trump’s presidential election victory in 2016.
The attorney general’s office says doing so without supervision would have been unacceptable.
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1:10 p.m.
A lawyer for President Donald Trump’s foundation says the New York Attorney General’s Office is giving a misleading account of an agreement to dissolve the charity.
Alan Futerfas says it’s a “further attempt to politicize this matter.”
Futerfas says an agreement announced Tuesday came after the attorney general’s office spent two years blocking the Trump Foundation from voluntarily going out of business.
He says the foundation had been seeking to dissolve and distribute $1.7 million in remaining assets to other charities since Trump’s presidential election victory in 2016.
Attorney General Barbara Underwood alleged in a lawsuit last spring that Trump operated the foundation as an extension of his businesses and political campaign.
Tuesday’s agreement gives the attorney general’s office oversight it had been seeking over the distribution of foundation funds.
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11:35 a.m.
President Donald Trump’s charitable foundation has reached a deal to dissolve amid a legal battle with New York’s attorney general.
Attorney General Barbara Underwood and the foundation filed a joint stipulation with the court Tuesday laying out a process for shutting down the charity and distributing its remaining assets to other nonprofit groups.
New York filed a lawsuit last spring accusing the foundation of operating like an extension of Trump’s businesses and political campaign. That suit will continue.
Lawyers for the foundation say any infractions were minor. They say they have been trying to shut down the foundation voluntarily for months.
A judge must still sign off on the agreement.
Underwood is a Democrat and is seeking millions of dollars in penalties. She wants Trump and his eldest children barred from running other charities.
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