Overview

• The five‑judge Appellate Division threw out the disgorgement that had grown to more than $515 million, which with co‑defendants’ sums exceeded $527 million.
• Judges left intact the trial court’s finding that President Trump committed fraud by inflating asset values, separating liability from the financial sanction.
• Non‑monetary remedies, including bans on Trump and his two eldest sons serving as corporate officers in New York, remain in place with enforcement paused and subject to further motions.
• The ruling produced more than 300 pages of concurring and dissenting opinions with no single majority on all issues, and it preserves a path to the New York Court of Appeals.
• Trump hailed the decision as a “total victory,” while Attorney General Letitia James, who brought the civil case, was described in opinions both as having proven fraud and as overreaching by at least one judge.