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Trump Foundation Agrees To Dissolve; New York AG Spikes The Ball

Trump Foundation Agrees To Dissolve; New York AG Spikes The Ball

Donald Trump presents a mock check from the Trump Foundation representing $100,000 to members of the Puppy Jake Foundation, which provides military veterans with trained service dogs, in Davenport, Iowa, on January 30, 2016. Underwood's lawsuit against Trump and his three oldest children for violating state charity law will move forward.

An attorney for the president has argued that the case is politically motivated, an argument the judge rejected as recently as last month when he turned down an attempt to get the case dismissed.

Underwood said that her investigators found "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".

NY filed a lawsuit last spring accusing the foundation of operating like an extension of Trump's businesses and political campaign.

In a lawsuit filed earlier this year, Underwood's office sought to dissolve the Trump Foundation.

Any remaining funds must be distributed to charitable causes which can be chosen by Trump and his children Ivanka, Don Jr and Eric, but they must be submitted to the court within 30 days and approved by the attorney general.

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"This is an important victory for the rule of law, making clear that there is one set of rules for everyone", Underwood said in a statement.

The closure is a concession by the president in an investigation he called a partisan attack.

The suit seeks to ban President Trump from future service as a director of a NY non-profit for 10 years, and ban his sons Eric and Donald Jr., and daughter Ivanka from service for one year.

The Trump Foundation could not be immediately reached for comment. The deal is subject to approval by a NY state judge.

The spokesperson also said that the foundation "currently has $1.7 million remaining, which the NYAG has been holding hostage for political gain".