The decision to close the charity partly resolves a lawsuit brought by New York state Attorney general Barbara Underwood. She claimed the foundation was “little more than a cheque book to serve Mr. Trump’s business and political interests”.
The lawsuit also seeks to recoup $2.8m fro the Donald J. Trump Foundation and ban him and his three eldest children from leadership roles in any other New York charity.
The agreement to shut down, which still needs the approval of a judge, will be supervised by Ms Underwood and would give her the power to distribute any remaining money to charities vetted by her.
Ms Underwood sued Trump after a 21-month investigation that she said uncovered “extensive unlawful political coordination” between the foundation and Trump’s campaign.
Among the accusations was that control of $2.8m raised by the foundation for military veterans was ceded to his presidential election campaign.
President Trump had previously described the Underwood lawsuit as a concoction by “sleazy New York Democrats” and his lawyer, Alan Futerfas said that over the past decade the foundation had distributed about $19m, including $8.25m of Trump’s personal money, to over 700 charitable organisations.
The application to dismiss the lawsuit said it reflected Ms Underwood’s “pervasive bias” against the Trumps.
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