A New York appeals court tossed a nearly half-billion-dollar civil fraud penalty against President Donald Trump on Thursday, according to several reports.
The penalty, which now stands at over $515 million with interest, is “excessive,” a panel of five judges found, according to the Associated Press.
Judge Arthur Engoron ordered Trump last year to pay $355 million in penalties in the case brought by New York Attorney General Letitia James, who alleged Trump inflated his net worth to secure better loans.
This is a breaking news story and will be updated.
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