Michael Cohen reaches plea deal with federal prosecutors

The context:

• The deal reportedly encompasses campaign finance violations, bank fraud, and tax evasion, per ABC News' Karen Travers and The Washington Post's Devlin Barrett and Carol D. Leonig.
• Cohen was under investigation for possible violations of campaign finance law regarding payments he facilitated to multiple women who claimed to have had extramarital affairs with Trump.
• He was also under investigation for more than $20 million of bank and tax fraud after allegedly misrepresenting the value of his assets in trying to obtain loans for his family taxi business.

The timing: There could be a jury decision in the trial for Trump's former campaign chairman Paul Manafort as early as this afternoon.

Up next: There's a hearing at 4 p.m. today in Manhattan, per The Post.

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