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Court rules Deutsche Bank must hand over Trump's financial records

Video Credit: Reuters - Politics - Duration: 01:57s - Published
Court rules Deutsche Bank must hand over Trump's financial records

Court rules Deutsche Bank must hand over Trump's financial records

A U.S. appeals court on Tuesday handed President Donald Trump another defeat in his bid to keep his financial records secret, directing Deutsche Bank AG and Capital One Financial Corp to comply with subpoenas from congressional Democrats demanding the material.

Colette Luke has more.

In a major blow to U.S President Donald Trump, a federal appeals court on Tuesday ruled that Deutsche Bank and Capital One had to comply with congressional subpoenas and hand over years of Trump's private financial records to House Democrats.

The Manhattan-based 2nd U.S. Circuit Court of Appeals rejected Trump's bid to block two House of Representatives committees from enforcing the subpoenas, which were issued in April, months before the impeachment inquiry began.

Two House Committees had asked Deutsche Bank for records related to Trump, three of his children and the Trump organization.

They also requested that Capitol One hand over records related to the Trump Organization's hotel business.

Lawmakers said these requests are part of a wider investigation into money laundering and foreign influence over U.S. politics.

Deutsche Bank has long been a principal lender for Trump's real estate business.

A 20-17 disclosure form showed that Trump had at least $130 million dollars of liabilities to the bank.

Congressional investigators have already identified possible failures in Deutsche Bank's money laundering controls in its dealings with Russian oligarchs… AND in 20-17, the Bank agreed to pay regulators in the U.S. and Britain over $600 million dollars in fines for organizing $10 billion dollars in sham trades that could have been used to launder money out of Russia.

Trump has broken from tradition by not releasing his tax returns as a candidate in 2016 and as president.

He is expected to appeal the latest ruling to the Supreme Court, where he is already appealing two other lower court decisions requiring the disclosure of his financial records.




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