Eric Trump, Ivanka Trump, President Donald Trump and Donald Trump, Jr., are jointly suing Deutsche Bank and Capital One to keep them from complying with Democratic lawmakers' subpoenas. File Photo by John Angelillo/UPI | License Photo
April 30 (UPI) -- President Donald Trump, his adult children and his company have filed a lawsuit against Deutsche Bank and Capital One to keep them from releasing financial records to Democratic House committees.
Filed in Manhattan federal court Monday, the suit argues that subpoenas from Democratic lawmakers "have no legitimate legislative purpose" and violate their rights to privacy.
"This case involves congressional subpoenas that have no legitimate or lawful purpose," the court documents said. "The Subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his 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."
The suit is a response to subpoenas from the House intelligence and financial services committees to Deutsche Bank and other unnamed financial institutions on April 15 that sought the records as part of an investigation into whether foreign entities have influence over the president.
Financial services committee Chairwoman Maxine Waters, D-Calif., said in a statement the panel takes potential manipulation of the nation's financial system seriously.
"The financial services committee is exploring these matters, including as they may involve the president and his associates, as thoroughly as possible pursuant to its oversight authority, and will follow the facts wherever they may lead," she said.
The suit said Deutsche Bank and Capital One were subpoenaed because they have "long provided business and personal banking services to" the Trump family and their business. It also said the subpoenas are invalid because they have no legitimate legislative purpose and they violate the right to financial privacy, as they call for information going back to 2010, several years before Trump was elected.
"The Committees want this personal information in the hopes they will find something to score political points against the President leading up to the 2020 election," the suit said.
The suit seeks injunctions against the banks to keep them from revealing information, as well as legal fees.