Trump Foundation has reached an agreement to shut down amid lawsuit with New York Attorney General Barbara Underwood.
According to Underwood, a Democrat, the assets that belong to the president's foundation will be handed over to other charitable groups that her office will carefully study.
The move comes after New York Attorney General Barbara Underwood claimed that Donald Trump had been allegedly misusing the charity foundation to promote his business interests and his candidacy during the US 2016 presidential elections.
Underwood noted that the lawsuit seeks damages of $2.8 million and unspecified additional penalties.
In a motion seeking dismissal, Trump Foundation lawyers argued that the lawsuit reflected pervasive bias against President Donald Trump.