Trump appeals 'excessive' $454M New York civil fraud judgment - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
July 23, 2024 Newswires
Share
Share
Post
Email

Trump appeals 'excessive' $454M New York civil fraud judgment

UPI Top News

Lawyers for former President Donald Trump filed an appeal Monday against his $454 million New York civil fraud judgment on the grounds that it was excessive and unconstitutional.

"The award of $464 million in a case with no victims, no proven injuries and no losses is not remotely defensible," Trump's lawyers wrote in their appeal, adding that the additional $10 million relates to other defendants in the case.

New York State Judge Arthur Engoron found Trump, his sons -- Donald Trump Jr. and Eric Trump -- and their real estate business liable for fraud in February for deceiving banks and insurers by inflating Trump's wealth on financial statements to obtain favorable loans.

According to Engoron, Trump and his company received $354 million in "ill-gotten" gains and ruled they must reimburse the state with interest of $100 million. Trump, who is the Republican nominee for president of the United States, was also banned from doing any business in New York for three years.

Trump's attorneys argued Monday that the large judgment was unconstitutional and excessive because it was outside of the statute of limitations.

"Applying the correct statute of limitations eliminates $350,980,057 of the $464,576,229 judgment for the Appellants bound by the Tolling Agreement, and it eliminates all of the judgment for those not bound by the Tolling Agreement, including the Trust and the individual Appellant," they wrote.

"The monetary award is a punitive penalty imposed for retributive and deterrent purposes," Trump's lawyers argued. "It is both grossly disproportional under the Eighth Amendment's Excessive Fines Clause and grossly excessive under the Due Process Clauses."

Trump attorney Christopher Kise argued that the judge "willingly allowed a reckless, politically motivated attorney general to meddle in lawful, private and mutually profitable transactions," according to a statement that claims the allegations by New York Attorney General Letitia James revolved around deals with "no victims and no losses" and were pulled from outside of the statute of limitations.

"Such an outrageous miscarriage of justice is profoundly un-American, and a complete reversal is the only means available to restore public confidence in the integrity of the New York judicial system," Kise added.

A spokesperson for James responded to the appeal Monday night.

"Once again, the defendants are raising arguments that they were already sanctioned and fined for. We won this case based on the facts and the law, and we are confident we will prevail on appeal."

The appeals court could take up the case as early as September.

Older

BlackRock’s iShares Ethereum Trust ETF Set to Launch

Newer

Sam Page bypasses St. Louis County Council on big health insurance contract

Advisor News

  • Can your advisory firm survive without you?
  • I started using AI, but what now?
  • How to support an entrepreneur client with multiple businesses
  • Could a narrower focus help grow your practice?
  • U.S. debt hits $40 trillion: how to support concerned clients
More Advisor News

Annuity News

  • Solen Software Group Acquires Cooperative Technologies, Provider of 1035 Exchange and Annuity Replacement Software
  • MassMutual Expands Lending Options With New Secured Credit Line
  • Corebridge Financial Introduces Progressive Trigger, a First-of-Its-Kind Index Annuity Strategy Designed to Turn Missed Years into Future Opportunity
  • Insurer proposes $1.1M deal to resolve CA teachers’ annuity fee lawsuit
  • IMOs get frustrated with slow carrier adoption of faster technology
More Annuity News

Health/Employee Benefits News

  • MAYOR MAMDANI LAUNCHES OUTREACH TEAM TO HELP NEW YORKERS KEEP MEDICAID AS FEDERAL CUTS THREATEN COVERAGE
  • Legislators hear report on thin hospital margins, advance prior authorization reform
  • Researchers from Department of Research and Innovation Report on Findings in Managed Care (Quantifying Medicare prescription payment plan benefits under Medicare Part D): Managed Care
  • New Managed Care Study Results from Brigham and Women’s Hospital and Harvard University Described (Supplemental Rebates From Drug Makers To State Medicaid Programs Grew Fivefold From 2017 To 2024): Managed Care
  • Nebraska SHIP offers support during Medicare open enrollment
More Health/Employee Benefits News

Life Insurance News

  • Solen Software Group Acquires Cooperative Technologies, Provider of 1035 Exchange and Annuity Replacement Software
  • Virginia orders Atlantic Coast Life to halt new business Nov. 1
  • AM Best Affirms Credit Ratings of China Taiping Insurance (Singapore) Pte. Ltd.
  • AM Best Upgrades Credit Ratings of Fidelity Life Association, A Legal Reserve Life Insurance Company; Affirms Credit Ratings of Industrial Alliance Insurance and Financial Services Inc. and Its Life/Health Subsidiaries
  • 777 Partners founder pleads guilty to $500 million fraud scheme
Sponsor
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Benefits Studio Launches to Fill the Missing Middle of Benefits Navigation at $49/mo
  • Lauren Sinnott Named to Ragan’s Top Women in Marketing Awards, Class of 2026 
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.