A New York appeals court found that President Donald Trump and his company violated law by inflating values of assets such as Mar-a-Lago and the Trump Tower penthouse. The court ruled the $464 million penalty imposed for those valuations was unconstitutionally excessive and vacated the fine. A five-judge panel issued three separate opinions with a majority concluding the valuations were illegal but the sanction disproportionate. The ruling removes a major financial liability for Trump and raises the possibility that New York Attorney General Letitia James may seek review by the state's highest court.
A New York appeals court struck down a $464 million fraud fine against President Donald Trump and his company, handing him a victory over the state's attorney general. In a decision issued Thursday, the Manhattan appellate court still found that Trump broke the law by inflating the valuation of assets like Mar-a-Lago and his Trump Tower penthouse, but it said the massive penalty was unconstitutionally excessive.
The long-awaited ruling by an intermediate state appeals court wipes out one of Trump's biggest financial liabilities. It also puts fresh pressure on New York Attorney General Letitia James, who has become the focus of a federal probe into whether her lawsuit violated Trump's legal rights. The politically charged decision resulted in the five-judge panel issuing three separate opinions. The majority ultimately concluded that Trump violated the law by inflating his assets, but nevertheless threw out the massive fine.
Most of Trump's legal woes melted away after his election victory. The Justice Department dropped two federal criminal cases against Trump, citing a longstanding policy against prosecuting a sitting president. While Trump was convicted in his hush money case in Manhattan, a judge sentenced him to no jail time at a hearing 10 days before his inauguration following a US Supreme Court ruling that gave the president broad immunity.
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