President Donald Trump and some members of his family are suing two big banks to prevent them from responding to congressional subpoenas for information about Trump’s personal businesses.
The president’s private company and three of his children are joining him in the lawsuit against Deutsche Bank AG (NYSE: DB) and Capital One Financial Corp. (NYSE: COF), filed Monday in federal court in New York.
The House Financial Services Committee and House Intelligence Committee issued subpoenas April 15 to several institutions that have loaned money to Trump or his family members or otherwise had financial dealings with his real estate company. The subpoenas seek information on the president’s finances.
NEWS: The president, his kids and the Trump Org sue Deustsche Bank and Capital One to prevent them from responding to congressional subpoenas, according to papers filed today.
— Maggie Haberman (@maggieNYT) April 30, 2019
The New York Times and Reuters reported Tuesday that the lawsuit argues the subpoenas are a broad, political overreach.
“The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses and the private information of the president and his family, and to ferret about for any material that might be used to cause him political damage,” the suit alleges.
Earlier, Trump also sued to prevent Mazars USA, his longtime accounting firm, from responding to another congressional subpoena about his finances.
Deutsche Bank stock was down 0.72 percent at the time of publication Tuesday, while Capital One stock was down 0.7 percent.
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President Donald Trump on stage Friday, April 26 at the National Rifle Association annual convention in Indianapolis. White House photo by Tia Dufour.
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