The bank told a federal appeals court that it no longer holds records of President Donald Trump's tax returns.
Lawrence O'Donnell, host of the MSNBC show "The Last Word," shared information from a source claiming President Donald Trump's loans were countersigned by Russian oligarchs.
"Tonight we are retracting the story," Lawrence O'Donnell said on Wednesday evening.
"People with secrets should be very careful about threatening lawsuits. Discovery in a lawsuit is often the best way to prove the emperor has no clothes," one former federal prosecutor warned.
Deutsche Bank all but admitted that it holds President Donald Trump's tax returns in a federal appeals court filing.
The demand cites reports that Deutsche Bank had a lax approach toward money laundering laws and protected lucrative clients.
The lawmakers are skeptical of why the financial institution failed to report suspicious banking activity associated with accounts of the president and his son-in-law to federal authorities.
President Donald Trump's attorneys tried to argue that subpoenas for his records should be quashed.
Congresswoman Maxine Waters, chairwoman of the Financial Services Committee, said the institution only recently agreed to cooperate after Democrats took control of the House.
The bank's executives were concerned about Deutsche's reputation and a potential public relations fiasco if they were ever faced with seizing the assets of a sitting president.
Deutsche Bank officials were reportedly worried that Trump defaulting as president would make seizing his assets a more complicated task.
Waters has promised to 'follow the money'.
Several investigations plague Jared Kushner as he continues to serve as a senior White House adviser.
"The corruption Kushner brings to the White House is matched only by Trump himself," a DNC news release claimed.
A Kushner Companies spokeswoman said, "These type of inquiries appear to be harassment solely for political reasons."
"Any story claiming that we have done anything wrong in our dealings with Deutsche Bank is made-up and completely baseless," a Kushner Companies spokeswoman stated.
The Deutsche Bank board chairman called for an internal investigation and found troubling results, according to the report.
Robert Mueller appears to be following the money, trying to determine if Trump has a financial connection to Russia.
The president's financial records could be investigated for potential payments or debts to Kremlin-linked sources.
Democrats on a U.S. of House of Representatives panel have asked Deutsche Bank to provide information on whether any accounts connected to President Donald Trump have ties to Russia.
Negotiations over a $14 billion demand from the U.S. Department of Justice set a bleak backdrop.
John Cryan blamed forces "under way in the market that want to weaken confidence in us."
The UK Serious Fraud Office have stepped up their criminal probe into the suspected Euribor rate manipulation.