In a civil fraud case last year, New York County Supreme Court Justice Arthur Engoron ruled that Donald Trump's habit of exaggerating his wealth justified "disgorgement" of nearly half a billion dollars in "ill-gotten gains" and interest. A state appeals court overturned that staggering penalty last week, saying it violated the Eighth Amendment's ban on excessive fines.

The decision upholds New York Attorney General Letitia James' authority to sue Trump for violating Section 63.12 of the state's Executive Law by systematically overstating the value of his assets when borrowing money and buying insurance. The majority also thought Engoron rightly concluded that Trump had committed "fraud" within the meaning of that statute. But the court said Engoron's calculation of Trump's profits from h

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