Donald Trump will no longer need to pay a $464 million fraud penalty he was ordered to dish over last year.
A New York appeals court struck down the ‘excessive’ penalty on Thursday, but upheld his liability in the civil case claiming he enriched himself through fraudulent asset valuation.
The ruling puts fresh pressure on New York Attorney General and Trump foe Letitia James amid questions over whether her lawsuit violated the president’s legal rights.
Last February, Manhattan Judge Arthur Engoron ruled that Trump illegally enriched himself for decades by inflating the value of his assets on financial documents with the intent of securing better loan terms.
The new appeals court ruling maintains that Trump, his sons and his company broke the law.
But it immediately wipes clean one of the president’s biggest outstanding financial liabilities.
The total amount ordered to be paid on February 16, 2024 was $354.9 million, but the interest accrued at a rate of more than $110,000 per day – putting the total wiped clean at nearly $500 million.
This story is breaking and will be updated.
