Deutsche Bank, which arguably saved Donald Trump, the businessman, from bankruptcy, said it will still comply with Congressional requests for information about its business dealings with Trump despite the president suing to prevent it from responding to Congressional subpoenas.
The lawsuit filed by Trump, three of his children, and the Trump Organization on Monday in New York also includes Capital One. Trump filed the lawsuit in a bid to block both banks from providing what might be damning information to House Democrats. The lawsuit argues that Trump’s political opponents in the House Intelligence and Financial Services Committees, which are controlled by Democrats, are on a fishing expedition.
Deutsche Bank, however, said it would abide by American laws.
“We remain committed to providing appropriate information to all authorized investigations and will abide by a court order regarding such investigations,” said Deutsche Bank in response to Trump’s lawsuit.
The bank is already providing financial records of its loans to Trump before he became president but to the New York State Attorney’s Office, which subpoenaed those records, according to CNN.
Since last week, Deutsche Bank has been complying with a subpoena from New York Attorney General Letitia James for documents related to loans made to Trump and his businesses. The bank is has turned over documents (including emails and loan documents) related to Trump International Hotel in Washington, DC; the Trump International Hotel and Tower in Chicago; the Trump National Doral Miami and Trump’s unsuccessful effort to buy the NFL’s Buffalo Bills.
Deutsche Bank loaned more than $2 billion to Trump before he became president despite multiple red flags warning about the unstable condition of his businesses, said The New York Times. House Democrats want to know why, among other things.
The U.S. House issued a subpoena to Deutsche Bank in early April. Previously, Deutsche Bank said it had received inquiries from Democrat-controlled committees about its links to Trump.
The full scope of the subpoenas from both committees can’t be determined, however. But the one to Deutsche Bank is for information about loans the bank made to Trump and the Trump Organization.
Trump’s lawsuit claims the subpoenas the House Intelligence Committee and House Financial Services Committee sent to Deutsche Bank, and Capital One aren’t valid because they violate banking privacy law and aren’t for shaping legislation. It ignores a previous court ruling saying claims like these can’t stop congressional subpoenas.
In its filing, Trump’s lawyers said they’re requesting the court declare the House subpoenas “are invalid and unenforceable,” and that it issue a “permanent injunction quashing the subpoenas.” Additionally, the complaint calls for a “permanent injunction prohibiting Deutsche Bank and Capital One from disclosing, revealing, delivering, or producing the requested information, or otherwise complying with the subpoenas.”
House Financial Services Committee Chair Rep. Maxine Waters (D-CA) and House Intelligence Committee Chair Rep. Adam Schiff (D-CA) called the litigation “meritless” and “another demonstration of the depths to which President Trump will go to obstruct Congress’s constitutional oversight authority.”
They said the lawsuit “is not designed to succeed; it is only designed to put off meaningful accountability as long as possible.”
Trump last week sued Democratic House Oversight Committee Chairman Elijah Cummings to block a subpoena seeking information about Trump’s finances.