New York AP — New York state lawyers are asking an appeals court to uphold a nearly $500 million civil fraud judgment against Donald Trump. They argue there’s “overwhelming evidence” that the former president lied about his wealth for years to build his real estate empire.
The appeal comes from Trump, his company, and top executives, including his sons Eric and Donald Trump Jr. They were found to have used misleading financial statements to secure over half a billion dollars in loans and generate $360 million in profits.
If the judgment is upheld, it could significantly impact Trump’s wealth, disrupt his Trump Organization, and hurt his image as a successful businessman. Trump currently owes over $485 million, including interest, despite posting a $175 million bond in April to delay payment while appealing.
Trump’s lawyers are asking the appeals court to overturn the judgment, arguing it was based on errors and that the state shouldn’t interfere in private business transactions. They also claim that the lawsuit was politically motivated and that no one was harmed by Trump’s actions.
The appeals court will hear the case on September 26, just weeks before the presidential election. A decision could come before the election ends.
If Trump loses the appeal, he can take the case to New York’s highest court. If he wins, he won’t have to pay the state and will get his bond money back.
This case adds to Trump’s busy September as he campaigns for the White House and faces other legal challenges.
The original judgment found that Trump inflated his net worth by up to $2.2 billion a year, leading to lower loan interest rates and profits from projects he couldn’t have completed otherwise. In addition to the financial penalty, the judge imposed restrictions on Trump’s company, including placing it under the supervision of a court-appointed monitor for at least three years.
Trump claims he’s worth several billion dollars and has about $400 million in cash. However, New York Attorney General Letitia James has said she will seek to seize some of his assets if he can’t pay.
Trump’s lawyers argue that upholding the decision would give James limitless power” to target her political opponents.