A federal court ruling on Thursday underscored the growing peril former President Donald Trump faces as investigators continue to probe his financial dealings. The ruling granted the New York State Attorney General's Office access to documents related to Trump's finances from the accounting firm Mazars USA, which has long served as his accountant.
The decision by the U.S. Court of Appeals for the Second Circuit is the latest development in a long-running legal battle between Trump and state and federal investigators seeking to uncover potential financial misconduct by the former president. The ruling comes just weeks after the Supreme Court rejected Trump's attempts to keep his tax returns and other financial records secret from investigators.
The documents at issue in the Mazars case include years' worth of financial records, tax returns, and other documents related to Trump's businesses, as well as communications between Trump and Mazars regarding those records. Investigators believe the documents could shed light on whether Trump inflated the value of his assets to secure loans or tax benefits, or whether he engaged in other financial improprieties.
The ruling is a significant blow to Trump's legal team, which has fought to keep the documents out of investigators' hands. In a statement, Trump called the decision "a continuation of the greatest Witch Hunt in American history," and vowed to continue fighting to keep his financial records private.
But legal experts say the ruling could signal more trouble ahead for Trump, who faces a growing number of legal challenges as investigations into his finances and business dealings continue.
"This is a significant development in the ongoing investigations into Trump's finances," said Barbara McQuade, a former U.S. attorney and NBC News legal analyst. "It means that investigators will have access to a wealth of information about Trump's business dealings, which could ultimately prove damaging to him."
The ruling also raises questions about the scope of executive privilege, which Trump had invoked in an effort to shield his financial records from investigators. The court rejected Trump's argument that the documents were protected by executive privilege, ruling that the privilege did not apply in this case because Trump was no longer president at the time the documents were subpoenaed.
The decision could have broader implications for future investigations into former presidents and their financial records, experts say.
"This ruling suggests that even former presidents may not be able to shield their financial records from investigators forever," said Matthew Miller, a former spokesman for the Department of Justice and MSNBC analyst. "It sets a precedent for how future investigations into former presidents may proceed."
The ruling is also likely to embolden state and federal investigators who have been pursuing cases against Trump and his businesses. In addition to the New York State Attorney General's Office, investigators in New York City and Georgia are also reportedly looking into potential financial misconduct by Trump.
"This decision is a major victory for the rule of law," said Letitia James, the New York State Attorney General. "No one is above the law, not even a former president. We will continue to follow the facts wherever they may lead."
The ruling comes as Trump continues to weigh a possible run for president in 2024, and as the Republican Party struggles to navigate the aftermath of his tumultuous presidency. Some Republicans have sought to distance themselves from Trump in the wake of the Jan. 6 Capitol riot, which many blame on his incendiary rhetoric and false claims of election fraud.
But Trump remains a powerful force in the party, and many of his allies are rallying around him as he faces mounting legal challenges.
"President Trump is the leader of the Republican Party," said Jason Miller, a senior adviser to Trump. "He's the one who has the support of the base, and he's the one who's going to lead the party forward."
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Despite the legal setbacks, Trump's supporters remain fiercely loyal to him, and many see the investigations as politically motivated attacks on the former president.
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