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President Trump at the Heritage Foundation's President's Club Meeting. Photo: Mandel Ngan/AFP/Getty Images

The lawsuit brought against the Donald J. Trump Foundation — which President Trump says he won't settle — details instances of engaging illegally in political activity and self-dealing transactions.

The big picture: New York Acting Attorney General Barbara Underwood, who inherited the investigation from former AG Eric Schneiderman, says Trump used "charitable assets to pay off the legal obligations of entities he controlled, to promote Trump hotels, to purchase personal items, and to support his presidential election campaign."

"Donald J. Trump Special Event for Veterans"
  • The lawsuit claims the Foundation illegally "[engaged] in political activity" during a fundraiser for veterans.
  • According to Underwood: "[T]he Fundraiser was a Trump Campaign event in which the Foundation participated."
"The 'And Justice for All' Transaction"
  • The lawsuit states that the Trump Foundation illegally contributed $25,000 to "And Justice for All," a political organization in Florida.
"Self-Dealing, Related Party Transactions"
  • September 11, 2007: $100,000 was given to the Fisher House Foundation "to settle legal claims made against Mar-a-Lago."
  • February 14, 2012: $158,000 was given to the Martin B. Greenberg Foundation "to settle legal claims against The Trump National Golf Club."
  • November 5, 2013: $5,000 payment was made to the D.C. Preservation League "for promotional space featuring Trump International Hotels in charity event programs."
  • March 20, 2014: $10,000 payment was made to the Unicorn Children's Foundation "for a painting of Mr. Trump purchased at an auction for that charity."
  • December 14, 2015: $32,000 was given to the North American Land Trust, "in connection by a pledge by Seven Springs, LLC to fund the management of a conservation easement."
Potential consequences

The lawsuit seeks...

  • $2.8 million in restitution, plus additional penalties.
  • To bar Trump from serving as "officer, director, trustee, or equivalent position" for 10 years.
  • To similarly bar Ivanka, Eric, and Donald Jr. from boards of New York nonprofits (or nonprofits that operate there) for a year.
  • Charge foundation directors with "several million dollars" in penalties.

Read the lawsuit in full

Go deeper

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.