As part of a settlement of a defamation lawsuit filed by the president-elect in Florida federal court, ABC News will provide significant seed funding for Donald Trump’s eventual presidential library.
In a seven-page settlement and release agreement, both parties agreed to end an acrimonious legal battle over comments made by star anchor George Stephanopoulos earlier this year about the president’s potential liability in a New York State civil suit.
ABC News now owes more than $15 million.
“ABC shall cause a transfer in the amount of fifteen million U.S. dollars to be made to a Presidential foundation and museum to be established by or for Plaintiff, as Presidents of the United States of America have established in the past, in full settlement and satisfaction of Plaintiff’s Released Claims,” according to the agreement.
The agreement filed Saturday goes on to say:
The Charitable Contribution shall be made by Defendants within 10 calendar days of the Effective Date of this Agreement to an escrow account to be established by Plaintiff’s counsel, who will serve as the escrow agent (the “Escrow Agent”) for this specific Charitable Contribution. Within 10 calendar days after Plaintiff or his counsel present written confirmation that the appropriate entity has been established by the Plaintiff, and its 501 (c)(3) status has been recognized by the Internal Revenue Service, Defendants shall authorize the Escrow Agent in writing to release the Charitable Contribution to the subject entity.
Leave a Reply