A lawsuit filed by the New York Attorney General against one of the larges charitable organizations dedicated to caring for retired racehorses has been settled.

The board of the Thoroughbred Retirement Foundation, TRF, had been charged with neglecting its duties, resulting in the mistreatment and neglect of many horses.

Under the terms of settlement, TRF will be hiring a new Executive Officer and directors who are experts in horse care.

Board Chairman, John Moore and Director, Diana Pikulski are to resign within a year of the new CEO taking control.

The Attorney General's office claimed the board had approved taking in more retired racehorses than the agency could afford to care for and that resulted in animals being harmed.

The A.G. also alleged that the foundation improperly dipped into its endowment fund to try to cover the expenses incurred by the additional equines requiring care.