U.S. President Donald Trump on Monday lost a legal fight in a federal court in New York to avoid releasing his personal and corporate tax returns, according to the decision made by the court.

Trump filed a lawsuit on Sept. 19 in an effort to keep his tax returns secret. The lawsuit was filed in the U.S. District Court for the Southern District of New York against Manhattan District Attorney Cyrus Vance and Mazars USA, Trump's longtime accounting firm.

The court rejected Trump's view, as was claimed in his lawsuit, that "virtually all legal commenters agree that a sitting President of the United States is not subject to the criminal process while he is in office."

In tossing out the president's lawsuit, U.S. District Judge Victor Marrero issued a decision saying such immunity would temporarily "frustrate the administration of justice by insulating from criminal law scrutiny and judicial review."

"This Court cannot endorse such a categorical and limitless assertion of presidential immunity from judicial process," wrote Marrero. "Hence, the expansive notion of constitutional immunity invoked here to shield the President from judicial process would constitute an overreach of executive power."

Trump's legal action followed a subpoena sent in August by Vance's office to Mazars USA, requesting eight years of the president's state and federal tax returns. The firm said in a statement issued Sept. 16 it "will respect the legal process and fully comply with its legal obligations."

Vance, a Democrat, also subpoenaed the Trump Organization for records related to the hush money payment to porn actress Stormy Daniels, who claimed she had an affair with Trump. The payment was arranged by Trump's former lawyer Michael Cohen.

In addition, Vance has also been pursuing a mortgage fraud case against Paul Manafort, Trump's former campaign chairman.

Trump told reporters outside the White House on Sept. 9 that he will release a report detailing his financial holdings before Election Day, which falls on Nov. 3, 2020. He, however, didn't respond to reporters' asking whether he would disclose his tax returns.

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