(CNSNews.com) - Under pressure from the courts and the New York attorney general, the Trump Foundation has agreed to dissolve under judicial supervision.
Attorney General Barbara Underwood announced on Tuesday that the Foundation's remaining assets will be distributed to charities approved by her.
And the lawsuit filed by the AG isn't over. According to Underwood's announcement, the lawsuit -- which seeks millions in restitution and penalties and a bar on President Trump and his three eldest children from serving on the boards of other New York charities -- remains ongoing.
“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.
"This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests."
Under the terms of the stipulation (agreement), Underwood said, "The Trump Foundation can only dissolve under judicial supervision -- and it can distribute its remaining charitable assets to reputable organizations approved by my office.
“This is an important victory for the rule of law, making clear that there is one set of rules for everyone," she said. "We’ll continue to move our suit forward to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law.”
The agreement now awaits a judge's signature.
The announcement came around the same time that Michael Flynn, Trump’s former National Security Advisor, walked into federal court in Washington for his sentencing arising out of the Trump-Russia investigation.
The Trump Foundation was incorporated in 1987 in New York.