A New York appeals court overturned the nearly $515 million monetary penalty imposed on President Donald Trump, finding the disgorgement excessive under the Eighth Amendment. The appeals court narrowly upheld a finding that Trump had fraudulently exaggerated his wealth for decades in financial statements provided to lenders and insurers. The ruling prevents Trump and his two eldest sons from serving in corporate leadership roles for several years. Judge Arthur Engoron had ordered $355 million in penalties, which with interest and related penalties reached about $527 million, and Trump posted a $175 million bond to stay collection.
A New York appeals court on Thursday threw out the massive financial penalty a state judge imposed on President Donald Trump, while narrowly upholding a finding he engaged in fraud by exaggerating his wealth for decades. The ruling spares Trump from a potential half-billion-dollar fine but bans him and his two eldest sons from serving in corporate leadership for a few years.
"While the injunctive relief ordered by the court is well crafted to curb defendants' business culture, the court's disgorgement order, which directs that defendants pay nearly half a billion dollars to the State of New York, is an excessive fine that violates the Eighth Amendment of the United States Constitution," Judges Dianne T. Renwick and Peter H. Moulton wrote in one of several opinions shaping the appeals court's ruling.
Collection
[
|
...
]