The New York Court of Appeals has overturned the financial penalty imposed on US President Donald Trump. This was reported by Zamin.uz.
According to Reuters, the hundreds of millions of dollars in fines set by the lower court in February 2024 were removed. However, according to the Associated Press, the appeals court upheld some of the previous findings.
In particular, the court confirmed that Trump had artificially inflated the value of his real estate and assets for many years before his first presidential term in 2016. Through this, he compelled creditors and insurance companies to offer favorable terms to the Trump Organization.
Trump firmly denied all accusations. His lawyers emphasized the insignificance of errors in the reports, stating that this situation did not harm anyone.
According to previous court rulings, Trump was required to pay a fine of $355 million. With added interest, this amount could have exceeded $515 million.
Following the appeals decision, Trump was relieved of a significant financial burden, but he and his two sons were banned from holding leadership positions in corporations. After the court ruling was announced, Donald Trump described it as a complete victory and emphasized that the court had overturned an “illegal and shameful decision.”
After the February 2024 court ruling, Trump accused New York Attorney General Letitia James of interfering with his presidential campaign. The appeals court noted that James’s actions were carried out to protect public interests.
Reuters called this decision a serious defeat for Letitia James. At the same time, the US Department of Justice is conducting an investigation into mortgage-related fraud against Letitia James.
