The two big stories in Trump World:

1. In a Wednesday night ruling, a three-judge federal appeals panel sided with the Justice Department, blocking “aspects of … Judge Aileen Cannon's ruling that delayed a criminal investigation into highly sensitive documents seized from former President Donald Trump's Mar-a-Lago estate,” write Kyle Cheney and Josh Gerstein.

Two of the three judges were Trump appointees. Their decision was unanimous. And it was unsparing.

From the ruling: “Plaintiff suggests that he may have declassified these documents when he was President. But the record contains no evidence that any of these records were declassified. … In any event, at least for these purposes, the declassification argument is a red herring.” Read the 29-page decision

Meanwhile, here’s Trump on Fox News’ “Hannity” on Wednesday night: “If you’re president of the United States, you can declassify … even by thinking about it.” Video

2. New York AG Tish James filed suit against Trump and his three oldest children, alleging a yearslong campaign of deception and large-scale fraud. Her office is seeking to recover about $250 million that it says they netted from the scheme. The juiciest takeaways, via Josh and Kyle … The James-Trump backstory, by Erin Durkin … Forbes’ Dan Alexander: “Exclusive Recording, Documents Bolster Trump Fraud Lawsuit”

Subscribe to the POLITICO Playbook newsletter

Raghu Manavalan is the Host of POLITICO's Playbook Daily Briefing.
Jenny Ament is the Executive Producer of POLITICO Audio.