By Erik Larson, Bloomberg

A New York appeals court struck down a $464 million fraud fine against President Donald Trump and his company, handing him a victory over the state’s attorney general.

In a decision issued Thursday, the Manhattan appellate court still found that Trump broke the law by inflating the valuation of assets like Mar-a-Lago and his Trump Tower penthouse, but it said the massive penalty was unconstitutionally “excessive.”

Related Articles

The long-awaited ruling by an intermediate state appeals court wipes out one of Trump’s biggest financial liabilities. It also puts fresh pressure on New York Attorney General Letitia James, who has become the focus of a federal probe into whether her lawsuit violated Trump’s legal rights.

The politically charged decision resulted i

See Full Page