Trump reaches settlement agreement over financial records with House committee, accounting firm

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Nearly two months after the D.C. Circuit Court of Appeals issued a ruling in a case about a House Oversight Committee subpoena on an accounting firm for former President Donald Trump's financial records, Trump's lawyers revealed that all parties involved have reached a settlement agreement.

Attorneys from the law firm Consovoy McCarthy notified the federal appellate court of the latest development in a Wednesday court filing.

"In light of the panel's opinion, Plaintiffs, Mazars, and the Committee reached a settlement of this case on August 30, 2022," the filing said, noting that as a result, Trump and his businesses were withdrawing a request to have the matter reheard by the full court in an en banc hearing.

The July 8 D.C. Circuit Court ruling reflected guidance from the U.S. Supreme Court, which said the appellate court should engage in "careful analysis" of the separation of powers issues in the case. In light of this, the court ruled that while the House Oversight Committee could properly subpoena certain of Trump's financial records from accounting firm Mazars USA, the subpoena in question had to be narrowed in scope.

US APPEALS COURT RULES TRUMP FINANCIAL RECORDS MUST BE TURNED OVER TO HOUSE OVERSIGHT COMMITTEE

Former President Donald Trump reached a settlement with the House Oversight Committee over a subpoena for financial records. (AP Photo/Evan Vucci, File)

The Circuit Court panel noted that they reached this conclusion "in carrying out the Supreme Court’s directive to ‘insist on a subpoena no broader than reasonably necessary to support Congress’s legislative objective.’"

Trump was not satisfied with the ruling and sought a rehearing by the full roster of the court, but just over a week later, all sides reached a settlement.

House Oversight Committee Chairwoman Rep. Carolyn Maloney, D-N.Y., celebrated the settlement with former President Donald Trump in a case where she sought his financial records. (Bill Clark-Pool/Getty Images)

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Details of the agreement remain unknown. Fox News reached out to Trump's legal team, but they did not immediately respond. House Oversight Committee Chairwoman Rep. Carolyn Maloney, D-N.Y., issued a statement on Thursday in which she characterized the settlement as a win for her side.

"After numerous court victories, I am pleased that my Committee has now reached an agreement to obtain key financial documents that former President Trump fought for years to hide from Congress," the statement said. "In April 2019, the Oversight Committee issued a lawful subpoena for financial records as part of our investigation into President Trump’s unprecedented conflicts of interest, self-dealing, and foreign financial ties.  

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"After facing years of delay tactics, the Committee has now reached an agreement with the former President and his accounting firm, Mazars USA, to obtain critical documents," the statement continued. "These documents will inform the Committee’s efforts to get to the bottom of former President Trump’s egregious conduct and ensure that future presidents do not abuse their position of power for personal gain."