Trumps sue to quash congressional bank subpoenas

Friday, 03 May, 2019

U.S. President Donald Trump, his three eldest children and his organization have sued Deutsche Bank and Capital One to stop the release of financial records to Congress.

ZARROLI: Eric Trump is one of the plaintiffs in the suit, as is his sister Ivanka and brother Don Jr., not to mention the Trump organization itself.

In response, House Financial Services Chair Maxine Waters and House Intelligence Chair Adam Schiff called the lawsuit "meritless" in a joint statement.

According to the New York Times, JPMorgan Chase, Bank of America, and Citigroup must also provide documentation.

"We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations", Deutsche Bank spokeswoman Kerrie McHugh said in a statement Tuesday. It cleared President Trump of collusion but said it could not exonerate him for obstruction of justice.

"This case involves congressional subpoenas that have no legitimate or lawful objective", the suit alleges.

The development marks a change of dynamic in the relationship between Trump and the German bank, which has reportedly lent billions of dollars to the president throughout his career.

The lawsuit is the latest step in Trump's fightback against the Democrats, and alleges that the subpoenas have 'no legitimate or lawful objective'. Although the full scope of the subpoenas couldn't be determined, the one to Deutsche Bank is for information about loans the bank made to President Trump and the Trump Organization, a person familiar with the matter told CNN.

Capital One was not immediately available for comment.

He added Democrats were "deranged", and he said they are harassing the Trump family because "they're not winning on the issues".

It asserted that demands for records by Democrat-controlled House committees have no legitimate or lawful objective.

Democrats specifically want access to Trump's Deutsche Bank accounts, because of a conspiracy theory that has persisted since Trump's election: that Russian bigwigs used Deutsche Bank as a clearing house to fund Trump's real estate investments, thus explaining why Deutsche Bank was able to lend Trump money even when other banks were backing off.

Earlier this month, Trump sued Mazars USA, his accounting firm, and Elijah Cummings, the Democratic chairman of the House oversight committee, after Cummings issued a subpoena to the firm for records regarding the president. The bank hasn't yet handed over any client-related records to the House committees and will wait for the outcome of the legal proceedings, said the person, asking not to be identified in disclosing internal information.

Not only is President Donald Trump personally tied up with Deutsche Bank to the tune of $300 million, but his son-in-law Jared Kushner has his own history with the global banking giant. "That is not a basis for quashing a subpoena", and in fact, "that's how subpoena power works - it's about getting information that people would like to be kept private".