A New York state appeals court on Thursday overturned as overly punitive a nearly $500 million civil penalty against President Donald Trump, but left in place a finding of fraud based on records that inflated the value of Trump’s business holdings.

A five-judge panel of the New York Appellate Division for the First Department disagreed over aspects of the case and the trial court’s ruling that awarded $465 million to the state after finding Trump liable for fraud, issuing three opinions that spanned more than 300 pages.

Two judges concluded that the finding of liability against Trump was correct, two said errors in the trial court meant a new trial should be held, and one judge said the case was wrongly decided.

Still, all five judges agreed the penalty was excessive, and the two judges

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