New York AG sues Trump Organization in probe of financial dealings

New York Attorney General Letitia James (D) announced Monday that her office had filed a lawsuit to compel the Trump Organization to comply with subpoenas related to an investigation into whether President Trump and his company improperly inflated the value of its assets on financial statements.

The state of play: The investigation was launched after the president's former personal attorney Michael Cohen testified to Congress that Trump inflated and deflated his net worth at various times in order to obtain tax benefits and more favorable terms for loans.

The big picture: The attorney general's investigation is one of several probes that Trump and his company are facing as he seeks re-election in November. Earlier on Monday, Manhattan District Attorney Cy Vance said he would hold off on a subpoena for Trump's financial records until an appeals court weighed in on the case.

What they're saying: "I took action to force the Trump Organization, and specifically EVP Eric Trump, to comply with my office’s ongoing investigation into its financial dealings. For months, the Trump Organization has failed to fully comply with our subpoenas in this investigation," James said in a statement.

• "We are seeking thousands of documents and testimony from multiple witnesses regarding several Trump Organization properties and transactions, including from Eric Trump, who was intimately involved in one or more transactions under review."
• "The Trump Organization has stalled, withheld documents, and instructed witnesses, including Eric Trump, to refuse to answer questions under oath. That's why we filed a motion to compel the Trump Organization to comply with our lawful subpoenas for documents and testimony."

Read the AG's filing.