Trump and his children SUE Deutsche Bank to stop it handing over their financial records to Congress as lender also co-operates with New York's Democratic attorney general's probe

President Donald Trump, his children, the Trump Organization, and the Trump family trust are suing to prevent Deutsche Bank from complying with Congressional subpoenas for bank records.
The lawsuit that was filed Monday names the Frankfurt-based lender as well as Capital One as defendants.
It alleges that subpoenas issued by Congress ‘have no legitimate or lawful purpose’ and were intended ‘to rummage through every aspect of [Trump's] 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.’ 
Deutsche Bank told the Times: 'We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations.' 
On April 15, two House committees subpoenaed Deutsche Bank and several other financial institutions as part of investigations into President Trump’s finances.
Separately, the New York state attorney general, Democrat Letitia James, has also ordered Deutsche to hand over documents about loans to the Trump Organization. 
A report last week said that it had begun co-operating with that request and the Trumps' lawsuit does not mention the New York case.

President Trump, his family, and the family businesses are suing to prevent Congress from receiving banking and financial records. From left: Eric Trump, Ivanka Trump, President Trump  and Donald Trump Jr are shown in this January 2017 file photo
President Trump, his family, and the family businesses are suing to prevent Congress from receiving banking and financial records. From left: Eric Trump, Ivanka Trump, President Trump  and Donald Trump Jr are shown in this January 2017 file photo
Deutsche Bank is a German asset management firm that has lent Trump’s real estate organization millions of dollars over time
Deutsche Bank is a German asset management firm that has lent Trump’s real estate organization millions of dollars over time
House Intelligence Committee Chairman Adam Schiff and House Financial Services Committee Chairwoman Maxine Waters, both Democrats from California, released a joint statement calling the lawsuit 'meritless'.
The senior lawmakers said the lawsuit shows 'the depths to which President Trump will go to obstruct Congress’s constitutional oversight authority'.
'As a private businessman, Trump routinely used his well-known litigiousness and the threat of lawsuits to intimidate others, but he will find that Congress will not be deterred from carrying out its constitutional responsibilities,' they said. 
'This lawsuit is not designed to succeed; it is only designed to put off meaningful accountability as long as possible.' 
Schiff said earlier this month that the subpoenas are part of an investigation 'into allegations of potential foreign influence on the U.S. political process'.
Waters has said that 'the potential use of the U.S. financial system for illicit purposes is a very serious concern'. 
She said her committee is looking into those matters, including whether they pertain to Trump.  
On April 17, Trump was informed by Deutsche Bank that it received the subpoenas which requested 'records and/or information relating to banking activities, including information regarding accounts, financings, and related financial information.'
The bank was preparing to turn over the information to lawmakers by Monday, May 6.
The lawsuit states that Congress was seeking records and financial information related to Trump's and his businesses' 'parents, subsidiaries, affiliates, branches, divisions, partnerships, properties, groups, special purpose entities, joint ventures, predecessors, successors or any other entity in which they have or had a controlling interest.'
Democrats issue subpoena to banks over Trump finance probe
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House Financial Services Committee Chairwoman Maxine Waters said 'the potential use of the U.S. financial system for illicit purposes is a very serious concern'
House Financial Services Committee Chairwoman Maxine Waters said 'the potential use of the U.S. financial system for illicit purposes is a very serious concern'
The subpoenas extend to 'current or former employees, officers, directors, shareholders, partners, members, consultants, managers, senior associates, staff employees, independent contractors, agents, attorneys or other representatives.' 
Eric Trump, the president’s son and executive vice president of The Trump Organization, said in a statement released earlier this month that the subpoenas were 'an unprecedented abuse of power and simply the latest attempt by House Democrats to attack the President and our family for political gain.'
As part of his investigation, Schiff has said he wants to know whether Russians used laundered money for transactions with the Trump Organization. 
Trump’s businesses have benefited from Russian investment over the years.
Deutsche Bank is a German asset management firm that has lent Trump’s real estate organization millions of dollars over time. 
The two committees have been working with the bank for several weeks, and both Waters and Schiff have said officials have been cooperative. 
Schiff said in his statement that the subpoena to Deutsche Bank is a 'friendly' subpoena, meaning he expects them to continue working with the committees.
The request comes as a third committee, the House Ways and Means Committee, is sparring with the White House over Trump’s tax returns.
The White House has vowed never to release the returns.   
Trump and his children SUE Deutsche Bank to stop it handing over their financial records to Congress as lender also co-operates with New York's Democratic attorney general's probe Trump and his children SUE Deutsche Bank to stop it handing over their financial records to Congress as lender also co-operates with New York's Democratic attorney general's probe Reviewed by STATION GOSSIP on 08:46 Rating: 5

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