Trump tells New York appeals court to toss $454 million fraud judgment

Former President Donald Trump filed a brief on Monday calling on an appeals court to toss a judgment that forces him to pay roughly $454 million to the state of New York .

Trump's attorneys filed paperwork before New York's Appellate Division on Monday, calling the judgment against him an "unauthorized, unprecedented power-grab” by state Attorney General Letitia James , a Democrat. Trump was accused of altering his net worth on financial statements to secure more favorable loans and insurance benefits, and New York Supreme Court Justice Arthur Engoron sided with the Empire State.

“Based on the ruling in this case, no company will want to come to New York to do business, and many businesses are fleeing,” Trump’s attorneys wrote in court filings . “The economic aspects of this decision are a disaster for New York. NYAG has used the statute in a way never seen before.”

The defense's brief added that the ruling against Trump gives James "limitless power to target anyone she desires, including her self-described political opponents."

James said in February that the state won the case based on "the facts and the law" and expressed confidence that the judgment against Trump would survive appeal.

In September, Engoron ruled that Trump and the Trump Organization had committed fraud and issued an initial penalty of $355 million before the nonjury trial even commenced. That sum grew due to interest at approximately $112,000 per day until paid in full, and the current sum is estimated to sit at around $470 million.

James's response to Trump's appeal is due on Aug. 21, followed by Trump's reply on Aug. 30. The court is scheduled to consider arguments in the appeal during the final week of September.

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Trump has achieved some favorable decisions at the midlevel appeals court, such as dismissing claims against his daughter Ivanka Trump last June and delaying some of the penalties imposed in Engoron's summary judgment from September. But the court has also ruled against him, such as upholding a limited gag order against him and denying his last-ditch efforts to delay the trial last year.

If Trump were to lose the appeal, he would become liable for the full multimillion-dollar fine amount, and his real estate portfolio could be exposed to seizure by the state. The losing party could appeal an unfavorable outcome to the New York State Court of Appeals, the highest court in the state.