Current:Home > Contact$454 million judgment against Trump is finalized, starting clock on appeal in civil fraud case -GrowthInsight
$454 million judgment against Trump is finalized, starting clock on appeal in civil fraud case
View
Date:2025-04-12 02:37:31
NEW YORK (AP) — The staggering civil fraud judgment against Donald Trump was finalized in New York on Friday, making official a verdict that leaves the former president on the hook for more than $454 million in fines and interest.
The procedural step by the New York county clerk starts the clock on Trump’s appeals process, while allowing the debt to begin racking up post-judgment interest of nearly $112,000 each day, according to a spokesperson for New York Attorney General Letitia James, who brought the case.
In his Feb. 16 ruling, Judge Arthur Engoron ruled that Trump lied for years about his wealth in order to secure favorable loans and make deals that helped prop up his real estate empire. He was ordered to pay $354.9 million in penalties plus nearly $100 million in interest.
The formalized verdict gives Trump a 30-day window to appeal, which he has vowed to do. Within that same time frame, he must deposit “sufficient funds” in a court-controlled account or secure a bond for the total amount, James’s office said.
Earlier this week, James said she would seek to seize some of the former president’s assets if he’s unable to cover the bill, though the appeal is likely to halt collection of his penalty while the process plays out.
Trump has denied wrongdoing. His lawyers had been seeking to delay the filing after wrangling with state lawyers and the judge over what that paperwork should say.
On Thursday, Engoron rejected lawyer Clifford Robert’s request that enforcement of the penalty be delayed 30 days, writing in an email: “You have failed to explain, much less justify, any basis for a stay. I am confident that the Appellate Division will protect your appellate rights.”
Starting Friday, the interest on Trump’s penalty will increase to $111,984 per day, rather than the $87,502 per day he had owed before the verdict was made official. That’s because post-judgment interest is calculated on the total judgment — the underlying $355 million penalty, plus the nearly $100 million he racked up in pre-judgment interest.
Before the judgment was entered, Trump’s interest was charged only on the underlying penalty. In all, Trump and his co-defendants will be charged $114,554 per day in interest until they pay, according to The Associated Press’ calculations.
That includes $1,149 per day from each of Trump’s two eldest sons, Eric and Donald Trump Jr., and $272 per day from former longtime Trump Organization finance chief Allen Weisselberg. Those amounts will continue to accrue even while they appeal. If Trump and his co-defendants succeed in getting the verdict overturned, they might not owe anything.
veryGood! (9)
Related
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- Got neck and back pain? Break up your work day with these 5 exercises for relief
- Solar Acquisition Paying Off for Powertool Giant Hilti
- Meet the Country Music Legend Replacing Blake Shelton on The Voice
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Mall operator abandons San Francisco amid retail exodus from city
- Why inventing a vaccine for AIDS is tougher than for COVID
- FDA moves to ease restrictions on blood donations for men who have sex with men
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- The Future of The Bachelor and Bachelor in Paradise Revealed
Ranking
- B.A. Parker is learning the banjo
- Pennsylvania Battery Plant Cashes In on $3 Billion Micro-Hybrid Vehicle Market
- Nipah: Using sticks to find a fatal virus with pandemic potential
- Chrysler recalls 330,000 Jeep Grand Cherokees because rear coil spring may detach
- EU countries double down on a halt to Syrian asylum claims but will not yet send people back
- How our perception of time shapes our approach to climate change
- Jimmie Allen's Estranged Wife Alexis Shares Sex of Baby No. 3
- Can Trump Revive Keystone XL? Nebraskans Vow to Fight Pipeline Anew
Recommendation
Taylor Swift makes surprise visit to Kansas City children’s hospital
Dakota Access Prone to Spills, Should Be Rerouted, Says Pipeline Safety Expert
Harry Jowsey Reacts to Ex Francesca Farago's Engagement to Jesse Sullivan
Job Boom in Michigan, as Clean Energy Manufacturing Drives Economic Recovery
The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
Martha Stewart Reacts to Landing Sports Illustrated’s Swimsuit Cover at Age 81
A single-shot treatment to protect infants from RSV may be coming soon
Christina Hall Recalls Crying Over Unnecessary Custody Battle With Ex Ant Anstead