This is from the Attorney General's office:
Attorney General Eric T. Schneiderman today announced the settlement of a lawsuit against directors of the Thoroughbred Retirement Foundation, Inc. (TRF), one of the nation's largest charitable organizations dedicated to caring for retired racehorses.
The enforcement action charged that directors of the New York-based foundation’s board had neglected their duties by taking on more racehorses than the group could afford to care for, resulting in the neglect and mistreatment of many of these animals.
Under the settlement, TRF will add a veterinarian, named by the Attorney General's office, to its board. A revamped board will also include a director nominated by an animal welfare organization and one nominated by members of the nation’s horse racing and breeding industry.
The settlement further requires the board to establish a five-person committee, consisting of the three new directors and two current board members not named as defendants in the lawsuit, charged with recruiting a new, full-time chief executive officer for the organization.
"New York needs the Thoroughbred Retirement Foundation to be fiscally sound and responsibly managed. Our agreement to remake the board of directors will help put this important charity back on solid financial ground and able to care for the animals it receives – and it gives TRF a shot to reclaim its place as one of America's leading thoroughbred organizations,"Schneiderman said. "As it was previously constituted, the foundation's board proved unable to conduct necessary financial oversight and management."