BISMARCK, N.D. — North Dakota’s attorney general says a financially troubled independent foundation of Dickinson State University is officially shut down.

Wayne Stenehjem filed legal action last year in Stark County District Court seeking to dissolve the Dickinson State University Foundation. The attorney general’s complaint came after a court-appointed receiver for the foundation issued a report calling for it to be dissolved because of financial issues.

Stenehjem says a Stark County judge on Wednesday approved a settlement reached between the attorney general’s office and the foundation’s major creditors.

Assets from the old foundation will be transferred to the newly established Dickinson State University Heritage Foundation.

Stenehjem says the resolution of the issue and the transfer of assets will help “kick start the new foundation and help restore confidence of potential donors.”

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