Former President Donald Trump is fighting back against a recent ruling in New York that slapped him with a staggering $454 million penalty and interest in a civil fraud case. The initial judgment of $355 million has ballooned due to accruing interest at a rate of at least $112,000 per day.
New York Attorney General Letitia James has threatened to seize Trump’s assets if he fails to pay up. The case revolves around allegations that Trump inflated property values to secure better loan terms.
The judge, Arthur Engoron, not only imposed the hefty fine but also banned Trump from conducting business in the state for three years. Trump, now a frontrunner for the Republican presidential nomination, has vowed to appeal, denouncing the ruling as a political vendetta. His legal team is optimistic that the appellate court will overturn the fine and restore faith in New York’s legal system.
Trump’s lawyers argue that the lower court made errors in law and fact, and they challenge the use of a consumer protection statute in his case. This appeal adds to the numerous legal battles Trump faces, which could extend well into the election season.
The appeal process could drag on for over a year, offering Trump temporary relief from paying the judgment if he posts a bond covering the amount owed. His sons, Donald Jr. and Eric, who were also implicated in the case, have joined his appeal.
Meanwhile, Trump faces financial strain from another lawsuit, having been ordered to pay $83 million in damages in a defamation case.
Despite his estimated net worth of $2.6 billion, his liquidity remains uncertain. Furthermore, he is embroiled in criminal proceedings in New York City, accused of falsifying business records related to hush money payments.
Prosecutors in that case have requested a gag order on Trump, citing concerns about his history of inflammatory remarks. Trump’s campaign has decried this move as an infringement on his rights, maintaining that the charges against him are politically motivated.
