Trump, in court filing, says he's dropping his $10B lawsuit against IRS
Sources have said he plans to create a "weaponization" fund for allies.
Attorneys representing President Donald Trump informed a federal judge in a court filing Monday that the president is dropping his $10 billion lawsuit against the Internal Revenue Service.
ABC News has reported that Trump was planning to drop the suit in exchange for the creation of a $1.776 billion compensation fund for those who allege they were wrongly targeted under the Biden administration.
While Monday's court filing makes no mention of the compensation fund or any settlement talks, Trump's attorneys argue that because the case is in the early phases of litigation, Trump did not need to ask the court for permission to dismiss the case.
Trump sued the IRS after a government contractor pleaded guilty in 2023 to stealing the tax information of Trump and other wealthy Americans and leaking it to media outlets in 2019 and 2020.
This is a developing story. Please check back for updates.
