A federal judge on Thursday dismissed a lawsuit from President Trump that sought to block Manhattan District Attorney Cy Vance's subpoena for his financial records.
Why it matters: The Supreme Court ruled last month that presidents are not immune from investigation, denying Trump the sweeping grant of presidential power he had asked for. The court gave Vance the right to access records from Trump's financial institutions as part of a criminal investigation, but sent the case back down to the lower courts so that Trump's lawyers could continue to fight the subpoena.
Between the lines: In a disclosure earlier this month, the DA suggested for the first time that it's investigating Trump and his company for "alleged bank and insurance fraud."
- The filing pointed to media reports about "possibly extensive and protracted criminal conduct at the Trump Organization" to support Vance's argument about the legitimacy of the subpoena.
- Previously, Vance was only thought to be investigating hush money payments that Trump made to women he allegedly had affairs with through his former personal attorney Michael Cohen.
What's next: Trump's lawyers will appeal the ruling, according to Bloomberg.