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    Lahaina Fire Settlement is Caught up in Legal Fight With Insurers

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    Insurers that paid claims in Maui say a deal unfairly keeps them from recouping their own losses.The ashes of last summer’s devastating fire in Lahaina on Maui, which killed 102 people and destroyed the town, were still smoldering when talk turned to how fraught the rebuilding process would be.Fire victims would need help fast, and Hawaii officials pushed hard for a quick resolution to the avalanche of lawsuits filed against the entities that had caused the fire: the state’s electric utility, a school system and Maui County, among others.Just days shy of the fire’s one-year anniversary in August, a settlement was announced: Together, those responsible would pay $4 billion to settle more than 600 lawsuits; compensate over 10,000 homeowners, businesses and others; and — critically — keep key institutions, like the utility, solvent.But getting a deal done that quickly meant adopting an unorthodox approach to the insurance industry’s role in the settlement — one that the industry is challenging. Now, hopes for a timely payout are at the mercy of the courts.Typically, insurers pay claims and then sue whomever they blame for the damage — like the driver who might have caused a car accident — to recover some of what they paid. In the Lahaina settlement, the insurers are instead expected to seek repayment from the people and businesses they insured. A person who received a share of the $4 billion deal from a pain-and-suffering claim, for example, could have to pay a portion of that to the insurance company.The industry is balking at this idea, saying it upends a core piece of its business model. Insurers have turned to state and federal courts to try to block the deal, slowing it down and frustrating fire victims and Hawaii leaders.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Berkshire Continues Retreat From Stocks

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      The conglomerate reported on Saturday that it had cut its holdings in Apple and Bank of America and increased its cash to a record high in the third quarter.Berkshire Hathaway, the conglomerate headed by Warren E. Buffett, extended its retreat from stocks in the third quarter, cutting its holdings in Apple and Bank of America and increasing its cash to a record $325.2 billion.Berkshire also reported on Saturday a 6 percent decline in quarterly operating profit, largely the result of higher liabilities for its insurance companies, including for Hurricane Helene, and currency losses from a strengthening U.S. dollar.These costs offset improved profitability at the Geico car insurer, where accident claims and expenses fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined.In its quarterly report, Berkshire said it sold about 100 million of its Apple shares, or 25 percent, over the summer, ending with about 300 million shares.It has now sold more than 600 million Apple shares this year, though Apple remained Berkshire’s largest stock holding, at $69.9 billion.The sales represented a large portion of the $36.1 billion of stock, including several billion dollars of Bank of America shares, that Berkshire sold in the quarter.Mr. Buffett said in May that he expected Apple to remain Berkshire’s largest stock investment, but selling made sense because the 21 percent federal tax rate on the capital gains was likely to increase.Berkshire bought just $1.5 billion of stock in the quarter, the eighth straight quarter when it was a net seller of stocks.It also repurchased none of its own stock, suggesting that Mr. Buffett doesn’t view even his own company’s shares as a bargain.Operating profit from Berkshire’s dozens of businesses fell to $10.09 billion, from $10.76 billion a year earlier.Insurance underwriting profit fell 69 percent, hurt by rising claims, $565 million of losses from Helene and a bankruptcy court settlement related to the defunct talc supplier Whittaker Clark & Daniels. The costs more than offset a near doubling of underwriting profit at Geico. Berkshire also projected $1.3 billion to $1.5 billion in pretax losses in the fourth quarter from Hurricane Milton, which hit Florida in October.Net income for Berkshire totaled $26.25 billion compared with a loss of $12.77 billion a year earlier when falling stock prices reduced the value of Berkshire’s investments.Mr. Buffett has said operating results better reflect Berkshire’s performance. Accounting rules require Berkshire to report unrealized investment gains and losses when it reports net income, adding volatility that Mr. Buffett counsels investors to ignore.Mr. Buffett, 94, has led Berkshire since 1965, and is expected to eventually transfer leadership to Berkshire’s vice chairman, Greg Abel, 62.Berkshire, based in Omaha, owns and operates an array of businesses, including Berkshire Hathaway Energy, many industrial and manufacturing companies, a big real estate brokerage, and retail businesses like Dairy Queen, See’s Candies and Fruit of the Loom. More

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      After Floods, Soaring Insurance Rates Become a Hot Election Issue

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      Few states elect their insurance commissioners. But in North Carolina, a proposed 42 percent rate hike and Hurricane Helene have raised the stakes in the upcoming election.When Marjorie Burnside moved to the North Carolina coast several years ago after retiring as a New York City police officer, she did not know much about the candidates running for the obscure statewide offices that oversee agriculture, labor and insurance. So Ms. Burnside, a lifelong Republican, voted along party lines.She now considers many of her area’s elected Republicans responsible for rubber-stamping too many development projects. And she is furious that they have failed to tame home insurance premiums, which have soared by 75 percent. That was why she accepted an invitation to a friend’s recent beach house party for State Senator Natasha Marcus, a Democrat who is challenging the state’s Republican insurance commissioner.“She just gave me lots to think about,” Ms. Burnside, 59, said after listening to Ms. Marcus’s warnings about loopholes that hurt policyholders and rates in coastal areas that are likely to see a significant rise. “More people, more claims, more raises — it’s all connected.”Eleven states elect their insurance commissioners, an obscure but powerful job that affects virtually every resident through regulations and the ability to challenge or reject rate hikes on home, car and other policies.The contest has typically been treated as a down-ballot afterthought involving little-known candidates, with hundreds of thousands of voters leaving their ballots blank. But as housing and insurance costs have skyrocketed, particularly in areas experiencing whiplash from climate change and extreme weather, these races are becoming proxies for public frustration over pocketbook anxieties.Natasha Marcus, a Democrat running for North Carolina insurance commissioner.Cornell Watson for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elizabeth Warren: Don’t Be Fooled. Donald Trump Has a Plan.

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      During the presidential debate on Tuesday, Donald Trump was pressed on the details of his plan to repeal Obamacare and replace it with something “better.” The question should’ve been a softball. After all, Mr. Trump has been promising the American people a plan for nine years, so he’s had time to prepare. His answer? After ducking and weaving, he came up with: “I have concepts of a plan.” Uh, that’s not a plan.Plans translate values into action. They test the quality of the ideas and the seriousness of the people advancing them. Plans reveal for whom candidates will fight and how effective they are likely to be. And in a presidential race, if either party’s nominee is asked about his or her plans for something as fundamental as health care, voters should get a straight answer.The problem is not that Mr. Trump can’t think up a way to put his values into action. The problem is that when he and other Republican leaders produce plans with actual details, they horrify the American people.Mr. Trump’s health care values have been on full display for years. In 2017, Republicans controlled Congress, and their first major legislative undertaking was a bill to repeal the Affordable Care Act. Every time they drafted something, independent experts would point out that their plan would toss tens of millions of people off their health insurance, jack up premium costs and slash benefits for those with ongoing health problems.After months of wrangling, Mr. Trump and Republican lawmakers voted a bill through the House to repeal the A.C.A. That night, Mr. Trump hosted a party at the White House to celebrate their big step toward taking away health care from millions of people.A.C.A. repeal then moved to the Senate. Republicans had the majority, so if they all stuck with Mr. Trump, the A.C.A. would die. As senators gathered to vote, nearly all of the Democrats — including Kamala Harris, then a senator from California — remained standing, too anxious even to sit down. We murmured stories about who would be affected by this vote: the uncle who had cancer and would lose coverage, the kid diagnosed with a heart anomaly whose parents wouldn’t be able to find new insurance, the college students who would just go without coverage and hope they didn’t fall on ice or get in a car accident. We felt the weight of people’s lives on the line.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Maui Wildfire Plaintiffs Reach $4 Billion Settlement as Anniversary Nears

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      Hawaiian Electric is expected to pay the largest share — nearly $2 billion — but avoided a heftier price tag that could have forced the utility into bankruptcy.Nearly a year after a ferocious wildfire on Maui killed 102 people and leveled the historic town of Lahaina, Hawaii’s largest utility has agreed to pay the largest share of a legal settlement totaling just over $4 billion and compensating more than 10,000 homeowners, businesses and other plaintiffs.The proposed agreement was filed late Friday in a Maui-based state court, six days before the anniversary of the disaster. Fire victims and insurers have spent months in court-ordered mediation with the state, Maui County, large private landowners and utilities within the fire zone to resolve more than 600 lawsuits brought in state and federal courts by survivors of the catastrophe.The settlement, which remains subject to court approval, will cover less than half of the overall cost of the disaster — estimated at nearly $12 billion — which cut a path of destruction through one of the world’s most spectacularly beautiful destinations. More than 3,000 homes and other structures were damaged or destroyed, and thousands of residents were killed, injured or displaced.Gov. Josh Green had pushed for a single global agreement among all the parties to litigation to swiftly compensate fire victims, rather than extending negotiations for years without payment. State officials had also hoped to ward off a potentially devastating financial hit to Maui County and the bankruptcy of Hawaiian Electric, which provides electricity for more than nine in 10 of the state’s residents on Oahu, Maui, Molokai, Lanai and Hawaii Island.“Settling a matter like this within a year is unprecedented,” Mr. Green said on Friday. “And it will be good that our people don’t have to wait to rebuild their lives as long as others have in many places that have suffered similar tragedies.”Under the proposed terms, which do not include any admission of liability, the utility is expected to pay a little less than half of the $4.037 billion settlement, $1.99 billion, a considerable amount but less than the potential $4.9 billion liability that the investment research firm Capstone estimated last year would most likely bankrupt the company.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How is Climate Change Impacting Homeowners Insurance in Your State?

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      As climate change makes disasters more frequent and severe, the insurance industry is in tumult. Losses have been spreading beyond states that have been ravaged by hurricanes and wildfires, like Florida and California, and into places like Iowa, Arkansas, Ohio, Utah and Washington. Even in the Northeast, where homeowners insurance was still generally profitable last […] More

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      Los impuestos de Donald Trump: los pasos que siguen en la investigación

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      #masthead-section-label, #masthead-bar-one { display: none }Los impuestos de Donald TrumpLos donativos del presidenteNuestra investigaciónEl pantano reinventado de TrumpHallazgos claveUna nota del editor ejecutivoAdvertisementContinue reading the main storySupported byContinue reading the main storyNueva YorkLos impuestos de Donald Trump: los pasos que siguen en la investigaciónUna sentencia de la Corte Suprema ha allanado el camino para que los fiscales comiencen a escudriñar los registros financieros de Trump.En 2019 el expresidente Donald Trump demandó por primera vez para bloquear una citación que buscaba acceder a sus impuestos personales y corporativos.Credit…Pete Marovich para The New York TimesWilliam K. Rashbaum, Ben Protess y 23 de febrero de 2021 a las 16:34 ETRead in EnglishTerabytes de datos. Docenas de fiscales, investigadores y contadores forenses escudriñando millones de páginas de documentos financieros. Una empresa consultora externa inmersa en los secretos de los bienes inmuebles comerciales y las estrategias fiscales.Esa es la monumental tarea que se avecina en la investigación penal del fiscal del distrito de Manhattan sobre el expresidente Donald Trump y su empresa familiar, después de que el lunes una orden de la Corte Suprema de Estados Unidos despejó el camino para que los fiscales obtengan ocho años de declaraciones de impuestos y otros registros financieros de Trump.La breve orden, sin firma, fue una rotunda victoria para los fiscales y una derrota para Trump, que culmina su amarga y prolongada batalla legal para bloquear la entrega de los registros —un esfuerzo que llegó dos veces a la Corte Suprema— e impulsa los esfuerzos de los fiscales después de que la demanda los estancó durante más de un año.La investigación es una de las dos indagaciones penales conocidas sobre Trump, la otra proviene de los fiscales de Georgia que examinan el esfuerzo de Trump para persuadir a los funcionarios locales revertir los resultados de las elecciones allí. Cuando Trump dejó su cargo, perdió la protección contra las acusaciones que le otorgaba la presidencia.El fiscal del distrito, Cyrus R. Vance Jr, emitió un escueto comunicado, que decía: “El trabajo continúa”. Un portavoz de su oficina declinó hacer más comentarios sobre la investigación.La siguiente fase, crucial en la investigación de Manhattan, comenzará en serio esta semana cuando los investigadores de la oficina del fiscal del distrito recojan los registros del bufete de abogados que representa a los contadores de Trump, Mazars USA, según personas con conocimiento del asunto, así como exfiscales y otros expertos que describieron los próximos pasos bajo la condición de anonimato.Los investigadores irán a la oficina del bufete de abogados en el condado neoyorquino de Westchester con una copia de la citación del gran jurado de agosto de 2019 que fue el centro de la demanda. Saldrán de ahí con un vasto tesoro de copias digitales de las declaraciones, resmas de estados financieros y otros registros y comunicaciones relacionados con los impuestos de Trump y los de sus empresas.Luego, los investigadores entregarán la masa de datos a la oficina de Vance, donde el equipo de fiscales, contadores forenses y analistas ha estado investigando a Trump y sus empresas por una amplia gama de posibles delitos financieros. Vance, un demócrata, ha estado examinando si Trump, su empresa y sus empleados cometieron fraudes de seguros, fiscales y bancarios, entre otros delitos, han dicho personas con conocimiento del asunto.Incluso antes de la sentencia de la Corte Suprema, la investigación se había calentado, al emitir la oficina de Vance más de una docena de citaciones en los últimos meses y entrevistar a testigos, incluidos los empleados del Deutsche Bank, uno de los principales prestamistas de Trump.Las citaciones son respecto a un aspecto central de la investigación de Vance, que se centra en si la empresa de Trump, la Organización Trump, infló el valor de algunas de sus propiedades emblemáticas para obtener los mejores préstamos posibles, al tiempo que rebajaba los valores para reducir los impuestos sobre la propiedad, han dicho personas con conocimiento del asunto. Los fiscales también están examinando las declaraciones de la Organización Trump a las compañías de seguros sobre el valor de varios activos.Ahora, armados con los registros de Mazars —que incluyen las declaraciones de impuestos, los registros comerciales en los que se basan y las comunicaciones entre la Organización Trump y sus contadores— los fiscales podrán ver una imagen más completa de las posibles discrepancias entre lo que la compañía dijo a sus prestamistas y a las autoridades fiscales.Los fiscales también han requerido a la Organización Trump los registros relacionados con la cancelación de impuestos sobre millones de dólares en honorarios de consultoría, algunos de los cuales parecen haber ido a la hija mayor del presidente, Ivanka Trump, un acuerdo reportado primero por The New York Times. La empresa entregó algunos de esos registros el mes pasado, dijeron dos personas con conocimiento del asunto, aunque los fiscales han cuestionado si la compañía ha respondido completamente al requerimiento.No está claro si los fiscales presentarán finalmente cargos contra Trump, la empresa o cualquiera de sus ejecutivos, incluidos los dos hijos adultos de Trump, Donald Trump Jr. y Eric Trump.En un extenso e indignado comunicado, que incluía una reiteración de muchas de sus conocidas quejas, Trump arremetió contra la Corte Suprema y la investigación, a la que caracterizó como “una continuación de la mayor cacería de brujas política de la historia de nuestro país”.Añadió: “Durante más de dos años, la ciudad de Nueva York ha estado investigando casi todas las transacciones que he realizado, incluyendo la búsqueda de declaraciones de impuestos que fueron realizadas por uno de los mayores y más prestigiosos bufetes de abogados y contadores de Estados Unidos”.Es probable que los abogados de Trump argumenten a los fiscales que Trump no pudo haber engañado al Deutsche Bank porque el banco, un sofisticado actor financiero, realizó su propio análisis de las propiedades de Trump. Cyrus R. Vance Jr, el fiscal del distrito de Manhattan, ha estado investigando a Trump y sus empresas por una amplia gama de posibles delitos financieros.Credit…Eduardo Munoz/ReutersMazars dijo en un comunicado que estaba al tanto de la nueva sentencia. “Como hemos mantenido a lo largo de este proceso, Mazars sigue comprometida con el cumplimiento de todas nuestras obligaciones profesionales y legales”, dice el comunicado.El mayor desafío para los fiscales de Vance será armar el rompecabezas de los registros fiscales, los estados financieros y los documentos de apoyo que las empresas de Trump proporcionaron a los contadores.A principios de este mes, Vance reclutó a Mark F. Pomerantz, una figura prominente en los círculos legales de Nueva York, para ayudar con la investigación. Pomerantz, un exfiscal federal de alto nivel con experiencia relevantee tanto en la investigación como en la defensa de casos complejos de cuello blanco y crimen organizado, se encargará de las interacciones con los testigos clave, entre otras tareas.Para obtener ayuda adicional, la oficina de Vance ha contratado a FTI, una gran empresa de consultoría que puede analizar algunos de los sectores en los que operan las empresas de Trump, incluido el inmobiliario comercial, así como cuestiones fiscales, dijeron personas con conocimiento del asunto.La firma también cargará la vasta cantidad de registros en un sistema de análisis de datos y gestión de documentos que puede utilizar para explorarlos en busca de patrones y apoyar así la investigación, dijeron las personas.La medida de los jueces de la Corte Suprema, que sin disentir negaron a Trump una suspensión de emergencia para que la corte pudiera revisar completamente las cuestiones del caso por segunda vez, no pondrá las declaraciones de impuestos de Trump en manos del Congreso ni las hará automáticamente públicas. Las leyes de confidencialidad del gran jurado mantendrán los registros en privado a menos que la oficina de Vance presente cargos e introduzca los documentos como prueba en un juicio.El público ya se ha enterado de muchas cosas sobre los impuestos de Trump a través de otros medios.The New York Times obtuvo datos de declaraciones de impuestos de más de dos décadas de Trump y los cientos de empresas que conforman su organización empresarial, e incluyen información detallada de sus dos primeros años en el cargo.El Times publicó el año pasado una serie de artículos de investigación basados en un análisis de los datos que mostraban que Trump no pagó prácticamente ningún impuesto sobre la renta durante muchos años y que actualmente se le realiza una auditoría en la que un fallo adverso podría costarle más de 100 millones de dólares. Él y sus empresas presentan declaraciones de impuestos por separado y emplean estrategias fiscales complicadas y a veces agresivas, según la investigación.Pero la acción de la Corte Suprema puso en marcha una serie de acontecimientos que podrían conducir a la extraordinaria posibilidad de un juicio penal para el expresidente. Como mínimo, el fallo arrebata a Trump el control de sus registros financieros más cercanos y el poder de decidir cuándo, si es que alguna vez, se pondrán a disposición de la inspección pública.Trump y sus abogados han luchado durante mucho tiempo para mantener los registros en secreto. Después de prometer durante la campaña de 2016 que publicaría sus declaraciones de impuestos, como han hecho todos los candidatos presidenciales durante al menos 40 años, se negó a hacerlo, lo que proporcionó una línea persistente de crítica para los demócratas y otros adversarios.Además de luchar contra el requerimiento de la oficina de Vance en los tribunales, Trump interpuso una demanda para bloquear el pedido del Congreso y desafió con éxito una ley de California que requiere que los candidatos a las primarias presidenciales publiquen sus declaraciones.El fallo de la Corte Suprema se produce casi 18 meses después de que Trump demandó por primera vez a Vance, en un intento de bloquear el requerimiento de su oficina y estimulando una batalla legal que llegó a la Corte Suprema por primera vez el verano pasado. En una decisión histórica en julio, la corte rechazó el argumento de Trump de que, como presidente en ejercicio, era inmune a la investigación. El caso fue litigado por el consejero general de Vance, Carey Dunne, quien ayuda a dirigir la investigación.Pero la corte dijo que Trump podía impugnar por otros motivos, como relevancia y alcance. Trump inició entonces una nueva batalla legal, argumentando que el requerimiento era demasiado amplio y equivalía a acoso político. Tras perder con ese argumento en los tribunales inferiores, Trump pidió a la Corte Suprema que aplazara la ejecución de la citación de Vance hasta que pudiera decidir si atendía la apelación de Trump.Fue esa solicitud la que la Corte Suprema negó, terminando efectivamente la cruzada legal del expresidente, dijeron los expertos legales.“A Trump no se le dará deferencia como expresidente”, dijo Anne Milgram, una exasistente del fiscal de distrito en Manhattan que luego sirvió como fiscala general de Nueva Jersey. “Bajo los ojos de las leyes del estado de Nueva York, él tiene los mismos derechos que otros en el estado. Ni más ni menos”.Reed Brodsky, un veterano abogado defensor de cuello blanco y exfiscal federal, dijo que los abogados de Trump probablemente le dirán que los nuevos intentos de bloquear la citación podrían socavar su capacidad de argumentar los méritos de su defensa.“Corren el riesgo, si siguen presentando argumentos que son frívolos, de socavar su credibilidad”, dijo Brodsky.Jonah E. Bromwich More

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      Trump Taxes: Here's What's Next in the Manhattan D.A.'s Investigation

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      #masthead-section-label, #masthead-bar-one { display: none }Trump’s TaxesWhat’s NextOur InvestigationA 2016 WindfallProfiting From FameTimeline18 Key FindingsAdvertisementContinue reading the main storySupported byContinue reading the main storyHere’s What’s Next in the Trump Taxes InvestigationA Supreme Court ruling has paved the way for prosecutors to begin combing through Mr. Trump’s financial records.Former President Donald J. Trump first sued to block a subpoena seeking his personal and corporate taxes in 2019.Credit…Pete Marovich for The New York TimesWilliam K. Rashbaum, Ben Protess and Feb. 22, 2021Updated 2:35 p.m. ETTerabytes of data. Dozens of prosecutors, investigators and forensic accountants sifting through millions of pages of financial documents. An outside consulting firm drilling down on the arcana of commercial real estate and tax strategies.That is the monumental task that lies ahead in the Manhattan district attorney’s criminal investigation into former President Donald J. Trump and his family business after a United States Supreme Court order on Monday cleared the way for prosecutors to obtain eight years worth of Mr. Trump’s tax returns and other financial records.The brief, unsigned order was a resounding victory for the prosecutors and defeat for Mr. Trump, capping his bitter and protracted legal battle to block the release of the records — an effort that twice reached the Supreme Court — and delivering a jolt to the prosecutors’ efforts after the lawsuit stalled them for more than a year.The investigation is one of two known criminal inquiries into Mr. Trump, the other coming from prosecutors in Georgia scrutinizing Mr. Trump’s effort to persuade local officials to undo the election results there. When Mr. Trump left office, he lost the protection against indictment that the presidency afforded him.The district attorney, Cyrus R. Vance Jr., issued a terse statement, saying: “The work continues.” A spokesman for his office declined to comment further on the investigation.The crucial next phase in the Manhattan inquiry will begin in earnest this week when investigators for the district attorney’s office collect the records from the law firm that represents Mr. Trump’s accountants, Mazars USA, according to people with knowledge of the matter, as well as former prosecutors and other experts who described the next steps on the condition of anonymity.The investigators, carrying a copy of the August 2019 grand jury subpoena that was at the heart of the lawsuit, will go to the law firm’s office in New York’s Westchester County. They will leave with a vast trove of digital copies of the returns, reams of financial statements and other records and communications relating to Mr. Trump’s taxes and those of his businesses.Then, the investigators will deliver the mass of data to the office of Mr. Vance, where the team of prosecutors, forensic accountants and analysts have been investigating Mr. Trump and his companies for a wide range of possible financial crimes. Mr. Vance, a Democrat, has been examining whether Mr. Trump, his company and its employees committed insurance, tax and banking fraud, among other crimes, people with knowledge of the matter have said.Even before the Supreme Court ruling, the investigation had heated up, with Mr. Vance’s office issuing more than a dozen subpoenas in recent months and interviewing witnesses, including employees of Deutsche Bank, one of Mr. Trump’s top lenders.The subpoenas relate to a central aspect of Mr. Vance’s inquiry, which focuses on whether Mr. Trump’s company, the Trump Organization, inflated the value of some of his signature properties to obtain the best possible loans, while lowballing the values to reduce property taxes, people with knowledge of the matter have said. The prosecutors are also examining the Trump Organization’s statements to insurance companies about the value of various assets.Now armed with the records from Mazars — including the tax returns, the business records on which they are based and communications between the Trump Organization and its accountants — prosecutors will be able to see a fuller picture of potential discrepancies between what the company told its lenders and tax authorities.The prosecutors have also subpoenaed the Trump Organization for records related to tax write-offs on millions of dollars in consulting fees, some of which appear to have gone to the president’s elder daughter, Ivanka Trump, an arrangement first reported by The New York Times. The company turned over some of those records last month, two people with knowledge of the matter said, though the prosecutors have questioned whether the company has fully responded to the subpoena.It remains unclear whether the prosecutors will ultimately file charges against Mr. Trump, the company, or any of its executives, including Mr. Trump’s two adult sons, Donald Trump Jr. and Eric Trump.In a lengthy and angry statement that included a reiteration of many of his familiar grievances, Mr. Trump lashed out at the Supreme Court and the investigation, which he characterized as “a continuation of the greatest political Witch Hunt in the history of our Country.” He added: “For more than two years, New York City has been looking at almost every transaction I’ve ever done, including seeking tax returns which were done by among the biggest and most prestigious law and accounting firms in the U.S.”Mr. Trump’s lawyers are likely to argue to prosecutors that Mr. Trump could not have duped Deutsche Bank because the bank, a sophisticated financial player, conducted its own analysis of Mr. Trump’s properties.Cyrus R. Vance Jr., the Manhattan district attorney, has been investigating Mr. Trump and his companies for a wide range of possible financial crimes.Credit…Eduardo Munoz/ReutersMazars said in a statement that it was aware of the new ruling. “As we have maintained throughout this process, Mazars remains committed to fulfilling all of our professional and legal obligations,” the statement said.The biggest challenge for Mr. Vance’s prosecutors will be to piece together the jigsaw puzzle of tax records, financial statements and the supporting documents Mr. Trump’s companies provided to the accountants. Early this month, Mr. Vance enlisted a prominent figure in New York legal circles, Mark F. Pomerantz, to help with the investigation. Mr. Pomerantz, a former senior federal prosecutor with significant experience both investigating and defending complex white-collar and organized crime cases, will handle interactions with key witnesses, among other tasks.For additional help, Mr. Vance’s office has hired FTI, a large consulting company that can analyze some of the industries in which Mr. Trump’s companies operate, including commercial real estate, as well as tax issues, people with knowledge of the matter said.The firm will also load the trove of records into a data analysis and document management system that it can use to explore them and seek patterns in support of the investigation, the people said.The action by the Supreme Court justices, who without noted dissent denied Mr. Trump an emergency stay so the court could fully review issues in the case for a second time, will not put Mr. Trump’s tax returns in the hands of Congress or make them automatically public. Grand jury secrecy laws will keep the records private unless Mr. Vance’s office files charges and enters the documents into evidence at a trial.The public has already learned a great deal about Mr. Trump’s taxes through other means. The New York Times obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office.The Times published a series of investigative articles last year based on an analysis of the data showing that Mr. Trump paid virtually no income tax for many years and that he is currently under an audit in which an adverse ruling could cost him more than $100 million. He and his companies file separate tax returns and employ complicated and sometimes aggressive tax strategies, the investigation found.But the Supreme Court’s action set in motion a series of events that could lead to the extraordinary possibility of a criminal trial for former president. At a minimum, the ruling wrests from Mr. Trump control of his most closely held financial records and the power to decide when, if ever, they would be made available for public inspection.Mr. Trump and his lawyers have long fought to keep the records secret. After promising during the 2016 campaign that he would release his tax returns, as every presidential candidate has done for at least 40 years, he refused to do so, providing a persistent line of criticism for Democrats and other adversaries.In addition to fighting the subpoena from Mr. Vance’s office in court, Mr. Trump sued to block the congressional subpoena and successfully challenged a California law requiring presidential primary candidates to release their returns.The Supreme Court’s ruling comes nearly 18 months after Mr. Trump first sued Mr. Vance, seeking to block the subpoena from his office and spurring a legal battle that reached the Supreme Court for the first time last summer. In a landmark decision in July, the court rejected Mr. Trump’s argument that as a sitting president, he was immune from investigation. The case was argued by Mr. Vance’s general counsel, Carey Dunne, who is helping lead the investigation.But the court said Mr. Trump could challenge the subpoena on other grounds, such as its relevance and scope. Mr. Trump then launched a new legal fight, arguing that the subpoena was overly broad and amounted to political harassment. After losing that argument in the lower courts, Mr. Trump asked the Supreme Court to delay enforcement of Mr. Vance’s subpoena until it could decide whether to hear Mr. Trump’s appeal.It was that request that the Supreme Court denied, effectively ending the former president’s legal quest, legal experts said.“Trump will not be given deference as a former president,” said Anne Milgram, a former assistant district attorney in Manhattan who later served as New Jersey’s attorney general. “Under the eyes of the laws of the state of New York, he has the same rights as others in the state. Neither more nor less.”Reed Brodsky, a longtime white-collar defense lawyer and former federal prosecutor, said that Mr. Trump’s lawyers will likely tell him that further attempts to block the subpoena could undermine their ability to argue the merits of his defense.“They’re at risk, if they continue to make arguments that are frivolous, of undercutting their credibility,” Mr. Brodsky said.Jonah E. Bromwich and Maggie Haberman contributed reporting. Kitty Bennett contributed research.AdvertisementContinue reading the main story More