House to Let Trumps See ‘Substantial Portions’ of Bank Subpoenas

(Bloomberg) -- Two committees of the U.S. House of Representatives agreed to let President Donald Trump’s lawyers see "substantial portions" of subpoenas requiring Deutsche Bank AG and Capital One Financial Corp. to turn over bank records related to the president, members of his family and their businesses.

The agreement, cited in a letter by the Trump team to U.S. District Judge Edgardo Ramos Wednesday, resolves its request to see the subpoenas and makes a hearing scheduled for Thursday unnecessary, the lawyers said. It doesn’t resolve the Trumps’ efforts to block the subpoenas, however.

Trump, his three eldest children -- Donald Jr., Eric and Ivanka -- and several of his companies sued last week, asking the judge to block the banks from turning over the records. The Trumps claim the subpoenas by the Democrat-controlled House are an improper attempt to dig up embarrassing material for political purposes.

The House Permanent Select Committee on Intelligence and the House Committee on Financial Services had refused requests from the Trumps to see the subpoenas, though the banks provided them with summaries of the records sought.

House Democrats are demanding the records from Deutsche Bank, Capital One and seven other banks as part of a probe of Trump’s finances and potential money laundering tied to Russia, according to people familiar with the matter. The committees claim the subpoenas are a legitimate part of congressional oversight.

The case is Trump v. Deutsche Bank, 19-cv-03826, U.S. District Court, Southern District of New York (Manhattan).

©2019 Bloomberg L.P.