The New York Court of Appeals canceled the decision on a large financial penalty against former U.S. President Donald Trump. According to Reuters, the hundreds of millions of dollars fine imposed by a lower court in February 2024 was annulled.
However, according to Associated Press, the appellate instance left previous conclusions in force. In particular, the court confirmed that Trump, for many years before his first election as president in 2016, artificially inflated the value of his real estate and various assets. By doing so, he forced creditors and insurance companies to provide more favorable terms for the Trump Organization.
Trump himself strongly rejected all accusations. His lawyers emphasized that any possible errors in the reports were insignificant, since no person or organization suffered damage.
It should be recalled that, according to previous court decisions, Trump was obliged to pay a fine of 355 million dollars. With interest, this amount could exceed 515 million dollars.
As a result of the appeal decision, the former president was freed from a huge financial burden. However, he and his two sons were banned from holding executive positions in corporations for several years.
After the court ruling was announced, Donald Trump called it a “complete victory.” According to him, the court “showed courage” and canceled an “illegal and disgraceful decision.”
It is known that after the February 2024 court ruling, Trump accused New York Attorney General Letitia James of a “witch hunt” and stated that she was trying to interfere with his reelection for a second presidential term. The Court of Appeals noted that James’s actions were aimed at “protecting public interests.”
Reuters described the court decision as a serious defeat for Letitia James. In addition, according to the agency, the U.S. Department of Justice is currently conducting an investigation against James regarding a possible mortgage-related fraud case.
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