Judgment in Trump's New York fraud case stands at $502 million ahead of inauguration

Source: CBS News

January 16, 2025 / 1:44 PM EST


Quietly, just before the calendar turned for the new year, an already whopping debt tentatively owed by President-elect Donald Trump and co-defendants in his New York civil fraud case hit an eye-popping, interest-accumulating milestone: half a billion dollars.

Trump, two of his sons and a former executive at his company were ordered in February 2024 to pay $364 million in "ill-gotten gains" and millions more in interest dating back years. The figure, which was then $464 million, continued to accrue more than $114,000 in interest per day. The judgment is on appeal.

The total crossed $500 million on Dec. 29, and stands at more than $502 million on Thursday, a spokesperson for New York Attorney General Letitia James confirmed. Trump, who would personally owe about $490 million of that sum, has banked on a reprieve from New York's mid-level Appellate Division, First Department court.

During arguments in September, at least two of five justices on the appeals panel seemed skeptical of the size of the judgment. One called it "immense" and "troubling." But as the defendants await the panel's decision, which is expected early this year, interest has continued to pile up. The court typically releases opinions on Tuesday and Thursday mornings, and the Trump case was not among the batch released today.

Read more: https://www.cbsnews.com/news/trump-new-york-fraud-case-502-million-inauguration/