New York state increases penalty demand on Donald Trump to $370 million

The exchange came as lawyers for both sides filed papers highlighting their takeaways from the trial in court filings ahead of closing arguments, set for next Thursday. Trump is expected to attend, though plans could change.

It will be the final chance for state and defense lawyers to make their cases. The civil lawsuit, which accuses the leading Republican presidential hopeful of deceiving banks and insurers by vastly inflating his net worth, is consequential for him even while he fights four criminal cases in various courts.

The New York civil case could end up barring him from doing business in the state where he built his real estate empire. On top of that, state Attorney General Letitia James is seeking the $370 million penalty, plus interest — up from a pretrial figure of $250 million, nudged to over $300 million during the proceeding.

The state says the new sum reflects windfalls from wrongdoing, chiefly $199 million in profits from property sales and $169 million in savings on interest rates, as calculated by an investment banking expert hired by James’ office.

Trump bristled at the proposed penalty, calling it “a disgrace” at a campaign stop in Sioux Center, Iowa.

“There was no victim. There was no default. There was no damages. No nothing,” he said. In an all-caps post hours earlier on his Truth Social platform, he complained that the attorney general was seeking $370 million and instead “should pay me,” asserting that businesses are fleeing New York.

(According to the state Labor Department, the number of private sector jobs in New York increased 1% in the year that ended this past November, compared to 1.6% nationally.)

James’ office argued in a filing Friday that Trump, his company and executives clearly intended to defraud…