Financial information

Trump settles with House oversight Democrats in financial records subpoena dispute

Washington— Former President Donald Trump reached an agreement with Democrats on the House Oversight and Reform Committee and his accounting firm, Mazars, in a long legal battle on a 2019 subpoena for years of his financial records, according to a court filing filed Wednesday.

Lawyers for the former president informed the federal appeals court in Washington of the agreement, which they said was reached on Tuesday, but did not provide further information on its terms. The filing came weeks after a three-judge appeals court panel upheld the years-long subpoena of Trump’s financial records, but narrowed the Democrats’ claim.

Last month, Trump asked the entire DC circuit to rehear the case, but that request was withdrawn following the settlement with the oversight committee.

Bloomberg first reported the settlement.

Committee chair Carolyn Maloney said in a statement that the agreement to end the litigation requires Mazars to hand over key financial records.

“These documents will inform the committee’s efforts to shed light on former President Trump’s egregious conduct and ensure that future presidents do not abuse their positions of power for personal gain,” she said.

Under the settlement, Trump agreed not to appeal the appeals court panel’s decision and Mazars agreed to comply with the order and produce the requested documents “as expeditiously as possible,” according to the committee.

The long-running legal fight between Trump and House Democrats began in April 2019 after the Oversight Committee issued a subpoena to Mazars to turn over an array of financial information to Trump and several of his business entities during a eight-year period.

Trump challenged the subpoena in federal court, and the District Court and United States Court of Appeals for the District of Columbia Circuit declined to strike down the Democrats’ subpoena. The former president appealed the decision to the Supreme Court, which sent the dispute back in the lower courts for further proceedings in July 2020.

With the start of the new Congress in January 2021, Maloney reissued the subpoena to Mazars for financial records. But Trump, again challenging the claim, lost in federal district court.

While the three-judge DC Circuit panel upheld the committee’s power to subpoena some of Trump’s financial records, the appeals court said in its July 8 ruling that it “cannot support the ‘magnitude’ of the legislators’ demand.

The oversight committee’s efforts to obtain years of financial information on the former president are separate from those pursued by the House Ways and Means Committee, which sought five years of federal tax returns for Trump and several of its business entities with the Treasury Department. .

A unanimous three-judge panel for the DC Circuit sided with Democratic lawmakers Last month, in their quest for tax records, the Ways and Means Decision can obtain the information. Trump’s legal team asked the entire DC Circuit to reconsider the decision.