I doubt it. To my knowledge you can insult people, you just can't threaten them. Swearing at someone does not give them a license to hit you.
Did Axel shove the guy first? I seem to remember that, and if Taggert had only shoved him back I could see saying he was defending himself. But when you slug someone back you are doing something a whole lot worse than shoving someone lightly. The police officers were watching and saw Taggert hit Foley, they would have testified that he could not possibly have feared for his safety enough to retaliate. It might be reasonable to assume that the cops would lie to protect Taggert, but in the movie they seemed to want to do things by the book.
So I see it as reasonable to for the cops to offer Foley the right to press charges. If you defend yourself you have to prove that you were actually in danger, and Taggert was clearly not in danger. If Axel had thrown the first punch that would have been different, but pushing someone lightly does not justify a punch in response.
I might be remembering the scene incorrectly, maybe Foley was more threatening, but from what I recall I think the option of an assault charge was reasonable.
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