1565 sats \ 18 replies \ @siggy47 21 Feb \ on: What does SN think of the Trump/NYC verdict? news
One more thing. Here's the NY civil fraud statute:
New York Civil Common Law Fraudulent Misrepresentation
Here, there were no damages and no victim, as @Undisciplined pointed out.
Deutsche Bank did their own research and due diligence.
They do this for every loan applicant.
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This is a good summary of the ruling
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Provides some recent history of NY AG using this statute.
One was against Trump university
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Law was passed in 1956.
I can’t find any information about why it was passed.
NY sued Exxon for climate change under this statute.
There is also a question about statute of limitations
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Did NY rely upon Trump’s fraudulent misrepresentation?
Trump did not apply for a loan from the state. DB is not a state agency.
States will often sue doctors for Medicare or Medicaid fraud. This is not the case here
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The judge disagreed with that. How does your opinion differ from the courts?
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Key word is victimless.
Shoplifting is often described by the left as victimless.
This should be like the usfl vs nfl antitrust case in 1986. Jury award was 3 dollars in punitive damages. USFL won the case but received no damages ie 3 dollars
I heard the 3 dollar check was never cashed
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Who is the plaintiff? The lender? The state of New York?
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I believe it’s the state of New York.
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Why is NY entitled to damages if it did not loan money to or transact with Trump?
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Engoron’s conclusion that “fraud” under Executive Law 63(12) doesn’t require reasonable reliance is unsupported by any applicable case citation or extended reasoning. It was invented by him solely for this case, and will never be followed by any court again. That’s why Governor Hochul is scrambling around to assure businesses that Trump will be the statute’s only and last target using that silly interpretation.
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"The attorney general's job is to protect people who can't protect themselves," Syracuse University law professor Gregory Germain said. "Here, we're dealing with very sophisticated lenders who are fully capable of protecting themselves and haven't asked the attorney general for help."
"I think the judges are going to have to look carefully at what the powers of the attorney general are here," Germain said. "Are they so broad that any lie can put you out of business, even if nobody believed it?"
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The Deutsche unit making the Trump business loans wasn’t the typical lending unit, but its private wealth division. That group often lends to rich clients not only to earn interest but to help its chances of winning the lucrative business of managing their vast personal investments and getting them to buy other bank services — something that testimony showed Deutsche was clearly hoping to do with the ex-president.
From AP News
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Lost interest payment based on loan amount and interest rate adjustment
There is a PDF file in the hill article
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