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 / Updated By Tom Winter, Hallie Jackson and Kristen Welker 
  
 The Trump Foundation — the charitable foundation started by President Donald Trump years before he became a presidential candidate, which New York's top prosecutor said exhibited a "shocking pattern of illegality" — will dissolve under pressure from the state's attorney general, according to a court filing. 
  
 The foundation will give away its assets to other non-profit organizations in the next 30 days, according to an agreement between state prosecutors and the Trump Foundation, according to an agreement reached between New York Attorney General Barbara Underwood and the Trump Foundation. 
  
 It does not stop the lawsuit the AG’s office has filed against the foundation, which was formed in 1987, and that action will continue. 
  
 “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 in a statement. 
  
 "This amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests." 
  
 Only "reputable" charities, approved by Manhattan Supreme Court Justice Saliann Scarpulla and the attorney general's office, will be able to receive funds from the soon-to-be-defunct charity, according to Underwood. 
  
 "Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year. Under the terms, the Trump Foundation can only dissolve under judicial supervision — and it can only distribute its remaining charitable assets to reputable organizations approved by my office," Underwood said in a statement. 
  
 “This is an important victory for the rule of law, making clear that there is one set of rules for everyone. 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.” 
  
 Trump Organization attorney Alan Futerfas told NBC News on Tuesday that his clients are “happy we could get it resolved” with Underwood's office. 
  
 Futerfas also said his clients were the ones who sought a dissolution in the first place. 
  
 In a prepared statement, Futerfas claimed the foundation has been a successful charity that's "distributed approximately $19 million, including $8.25 million of the President’s personal money, to over 700 different charitable organizations with virtually zero expenses." 
  
 Futerfas accused the state prosecutors of grandstanding. 
  
 "The NYAG’s inaccurate statement of this morning is a further attempt to politicize this matter," he said. 
  
 The White House declined to immediately comment. ||||| President Trump’s embattled charitable foundation has agreed to dissolve itself under judicial supervision as part of a lawsuit brought by New York Attorney General Barbara Underwood. 
  
 The Trump Foundation had previously sought to dissolve on its own terms but has now signed a stipulation that requires it to do so with monitoring by the court and oversight by the attorney general’s office, which must review and approve disbursements of remaining funds to make sure the recipients are legitimate. 
  
 The foundation has about $1.75 million in remaining cash that will be distributed to non-profits approved by the state attorney general, according to Underwood's office. Additionally, the foundation's assets include physical possessions, including a Tim Tebow-signed football helmet, and two paintings of Trump himself which, according to Underwood's office, he paid for with $42,000 in foundation money. 
  
 “Today’s stipulation accomplishes a key piece of the relief sought in our lawsuit earlier this year,�? said New York Attorney General (NYAG) Barbara Underwood in a statement. 
  
 “Under the terms, the Trump Foundation can only dissolve under judicial supervision – and it can only distribute its remaining charitable assets to reputable organizations approved by my office.�? 
  
 Chip Somodevilla/Getty Images, FILE 
  
 Yet an attorney for the Trump Foundation had a sharply different take on the matter. In a statement released in response to the attorney general's comments, Trump Foundation attorney Alan Futerfas accused Underwood's office of "politicizing" the matter. 
  
 “Contrary to the NYAG’s misleading statement issued earlier today, the Foundation has been seeking to dissolve and distribute its remaining assets to worthwhile charitable causes since Donald J. Trump’s victory in the 2016 Presidential election," Futerfas' statement said. "Unfortunately, the NYAG sought to prevent dissolution for almost two years, thereby depriving those most in need of nearly $1.7 million." 
  
 Futerfas went on to contend that in the past decade the foundation has distributed about $19 million to 700 different charitable organizations. 
  
 Shortly after the Futerfas statement was released, Underwood shot back with a follow-up statement of her own, insisting that the foundation wanted to dissolve itself, but that the dissolution required government oversight. 
  
 "Given the Trump Foundation’s egregious pattern of illegality -— including repeatedly using charitable assets for unlawful purposes -— that was unacceptable," an Underwood spokesperson said in the follow-up statement. 
  
 "That’s why AG Underwood’s suit demanded dissolution under court supervision, with our office’s oversight of how the charitable assets will be distributed — and that’s exactly what we achieved with the Trump Foundation’s concession today. 
  
 The attorney general’s lawsuit alleged that the president and his three eldest children, who served as members of the foundation’s board, repeatedly used charitable donations for personal, political and business gains, including legal settlements, campaign contributions and even to purchase a portrait of Trump to hang at one of his hotels. 
  
 The alleged conduct, Underwood said, “amounted to the Trump Foundation functioning as little more than a checkbook to serve Mr. Trump’s business and political interests.�? 
  
 The lawsuit is also seeking restitution, as well as prohibiting Ivanka Trump, Eric Trump and Donald Trump Jr. from serving on the boards of charities for the next 10 years. 
  
 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 have the case dismissed. ||||| NEW YORK (AP) — The Latest on a deal to dissolve President Donald Trump's charitable foundation (all times local): 
  
 1:10 p.m. 
  
 A lawyer for President Donald Trump's foundation says the New York Attorney General's Office is giving a misleading account of an agreement to dissolve the charity. 
  
 Alan Futerfas says it's a "further attempt to politicize this matter." 
  
 Futerfas says an agreement announced Tuesday came after the attorney general's office spent two years blocking the Trump Foundation from voluntarily going out of business. 
  
 He says the foundation had been seeking to dissolve and distribute $1.7 million in remaining assets to other charities since Trump's presidential election victory in 2016. 
  
 Attorney General Barbara Underwood alleged in a lawsuit last spring that Trump operated the foundation as an extension of his businesses and political campaign. 
  
 Tuesday's agreement gives the attorney general's office oversight it had been seeking over the distribution of foundation funds. 
  
 ___ 
  
 11:35 a.m. 
  
 President Donald Trump's charitable foundation has reached a deal to dissolve amid a legal battle with New York's attorney general. 
  
 Attorney General Barbara Underwood and the foundation filed a joint stipulation with the court Tuesday laying out a process for shutting down the charity and distributing its remaining assets to other nonprofit groups. 
  
 New York filed a lawsuit last spring accusing the foundation of operating like an extension of Trump's businesses and political campaign. That suit will continue. 
  
 Lawyers for the foundation say any infractions were minor. They say they have been trying to shut down the foundation voluntarily for months. 
  
 A judge must still sign off on the agreement. 
  
 Underwood is a Democrat and is seeking millions of dollars in penalties. She wants Trump and his eldest children barred from running other charities. |||||
President Trump's controversial charitable foundation is shutting down. New York Attorney General Barbara Underwood said Tuesday that the Donald J. Trump Foundation has agreed to dissolve itself under the oversight of the courts and her office, reports ABC News. Earlier this year, Underwood sued the foundation, alleging that the Trump family used it illegally for their own political and economic benefit rather than as a charity. On Tuesday, she said the ongoing investigation 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." The details: Troubles not over: Just because the foundation is going away doesn't mean the lawsuit is. "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," said Underwood, per NBC News. In defense: Foundation lawyer Alan Futerfas says Underwood is presenting a misleading account of the agreement to dissolve in a "further attempt to politicize this matter," reports the AP. He said the foundation had been seeking to dissolve voluntarily since Trump became president, but Underwood wouldn't allow it. That portrait: An example of apparently iffy use of foundation money? The organization once paid $10,000 for a 4-foot-tall portrait of Trump to hang at one of his golf clubs, the Washington Post previously reported. Tax law experts suggested this would violate rules against "self-dealing," referring to a charitable group spending money on itself.