Deutsche Bank does not have President Trump's tax returns, appellate court says

House Democrats subpoenaed Deutsche Bank in April for financial documents related to the president and his children

Published October 10, 2019 3:38PM (EDT)


Deutsche Bank does not have President Donald Trump's long-sought tax returns, a federal appeals court said Thursday.

The House Intelligence and House Financial Services Committees subpoenaed Deutsche Bank in April for financial documents related to the president and his three eldest children: Donald Trump Jr., Ivanka Trump and Eric Trump. Lawmakers also subpoenaed the bank for financial records related to the Trump Org. and other Trump-related business entities.

In August, Deutsche Bank indicated in a letter to the court that it possessed the tax returns of at least some of the individuals or businesses requested by lawmakers but it redacted the identities of the taxpayers.

Several media outlets then filed a motion to unseal the names of the individuals. Deutsche Bank, along with the president's legal team, said it opposed the motion at the time.

The U.S. Appeals Court for the Second Circuit on Thursday denied the media's request, in part because Deutsche Bank had informed the court that "the only tax returns it has for individuals and entities named in the subpoenas are not those of the president." The court added, "[T]he identity of the two taxpayers whose tax returns Deutsche Bank has is not relevant to any issue we need to decide."

Trump continues seeking to prevent Congress from enforcing the subpoenas served on Deutsche Bank and other banks with which he has conducted business. His legal team has claimed that the subpoenas have no legitimate purposes and violate the privacy rights of the president and his family. The appeals panel has yet rule on the subpoenas.

The Financial Services Committee has said it needs the president's returns as part of its investigation into the president's business relationship with Russia and other foreign entities, while the Intelligence Committee has said it is trying to determine whether Trump's financial dealings are motivating his actions as president.

By Shira Tarlo

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