(CBS) — President Donald Trump has agreed to shut down his family’s embattled Trump Foundation, following investigators’ allegations the charity misused funds by directing them to Mr. Trump or his businesses. New York Attorney General Barbara D. Underwood said in a statement the Trump Foundation had signed an agreement to dissolve the charity under court supervision. The attorney general will review and approve the process, including approving the charities slated to receive the foundation’s remaining assets.

The attorney general’s office filed a lawsuit in June accusing the Trump Foundation of misusing funds for personal benefit, including Trump Organization legal payments and Mr. Trump’s 2016 presidential campaign. Among the claims were that the foundation raised money at a nationally televised fundraiser in January 2016, then allowed Trump campaign staffers to dictate how the money was spent in grants.The lawsuit, which seeks to bar Mr. Trump and his three eldest children from serving on the boards of other New York-based charities, will continue, the AG said in the statement. The lawsuit also seeks “millions in restitution” for what it said was a “a shocking pattern of illegality.”

President Donald J. Trump speaks on October 17, 2017 in Washington, D.C. (credit: Martin H. Simon – Pool/Getty Images)

The Trump Foundation functioned “as little more than a checkbook to serve Mr. Trump’s business and political interests,” Underwood said in the statement. “This is an important victory for the rule of law, making clear that there is one set of rules for everyone.”

The Trump Foundation could not be immediately reached for comment.

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