Appeals Court Rules Against President Trump in Financial Records Case

Deutsche Bank AG and Capital One Financial Corp can hand over U.S. President Donald Trump’s financial records to Democrats in the U.S. House of Representatives, a federal appeals court ruled on Tuesday.

The ruling from the 2nd U.S. Circuit Court of Appeals in New York marked a significant setback for the Republican businessman-turned-president in his efforts to shield his finances from scrutiny.

In subpoenas issued in April, the House Financial Services Committee and the Intelligence Committee asked Deutsche Bank for records related to Trump, three of his children and the Trump Organization. Lawmakers have said the requests are part of a wider probe into money laundering and foreign influence over U.S. politics.

They were made months before House Democrats began an inquiry in September into whether there were grounds to impeach Trump over his request to Ukraine to investigate Democratic political rival Joe Biden.

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Deutsche Bank has long been a principal lender for Trump’s real estate business. A 2017 disclosure form showed that Trump had at least $130 million 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, people familiar with the matter have told Reuters.

The Financial Services Committee also subpoenaed Capital One in April, seeking records related to the Trump Organization’s hotel business.

Reuters contributed to this report.

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