Former President Donald Trump's lawyers want New York state appeals court Dismiss the $454 million judgment which was assigned after a judge He was found liable for business fraud.
Trump's lawyers will appear in a Manhattan court on Thursday for an appellate hearing seeking to overturn a $354 million civil fraud verdict, plus interest on an additional $100 million, that was awarded earlier this year. Was present when the verdict was pronounced.
in February, Manhattan Supreme Court Justice Arthur Angoron The ruling ruled that Trump, his company and top executives, including sons Eric and Don Jr. Banks were defrauded by increasing Trump's wealth On financial statements – allowing them to obtain loans on favorable terms which they used to make profits.
The former president has insisted he has done nothing wrong.
Trump's lawyer It plans to argue that the fine was excessive And that the claims were filed too late.
In a brief submitted to the Appellate Division – the mid-level state appeals court – in July, Trump's lawyers argued that the financial statements he submitted to banks actually understated his assets, and there was no indication that Whether any lender suffered loss.
Lawyers also accused Attorney General Letitia James, a Democrat, of targeting a political rival.
“This politically motivated prosecution seeks to punish entirely reasonable and lawful conduct,” Trump's lawyers wrote.
In a response in August, lawyers from James's office said that the statute under which they sued Trump does not require proof that the banks lost money or that Trump was deceptive in deciding whether to make loans to them. Statements relied upon.
The appellate court is expected to rule on the case sometime after the Nov. 5 election. If the court rules against Trump, the former president could appeal to New York's highest court and potentially the Supreme Court — though that would mean a final decision wouldn't come until 2026.
The hearing comes as Trump has seen his net worth fluctuate severely due to the volatility of the stock of his tech company, Trump Media & Technology Group.
company shares They are down 80% since March.
When the stock was first listed on the Nasdaq, Trump, who owned about 60% of the company's outstanding shares, saw his net worth increase by nearly $6 billion.
But the stock's poor performance since then has caused the value of his stake in the company to decline, now worth about $1.7 billion.
Trump and several other top officials are now free to sell their shares after a six-month lock-up period that barred them from doing so expired last week.
But what was the former president's net worth? Rated by Bloomberg Billionaires Index At $4.1 billion, he has vowed that There is no intention to unload my shares.
The $454 million judgment, which has grown to $477 million due to interest accrued since the ruling, is Trump's largest liability, according to disclosure forms filed last month with the U.S. Office of Government Ethics.
The forms show that Trump owes $160 million on a mortgage he obtained from Ladder Capital Finance LLC for his skyscraper at 40 Wall Street.
Trump also took out a pair of mortgages from Axos Bank for Trump Tower and the Trump National Doral golf course totaling $225 million.
Trump's other liabilities include an $83.3 million civil judgment against him following a defamation suit brought by author E. Jean Carroll.
Trump is also under fire for the $5 million judgment awarded against the former president in Carroll's sexual assault suit.
Overall, Trump's legal debt is close to $600 million.
In May, Trump Becomes the first former president to be convicted A Manhattan jury found him guilty of all 34 charges in a scheme to illegally influence the 2016 election through hush money payments to a porn actor.
with post wire
