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Trump Tower: New York Judge Rules Against Trump Organization in Lawsuit Brought by New York Attorney General

Overview

On Tuesday, a judge in New York ruled against the Trump Organization in a lawsuit brought by the New York Attorney General, Letitia James. The lawsuit accused the Trump Organization of misrepresenting the value of its assets in order to obtain loans and tax benefits. The ruling could result in the Trump Organization losing control of some of its most well-known properties in New York City, including Trump Tower, Trump World Tower, and the Trump SoHo Hotel and Condominium.

Key Points

• The New York Attorney General's lawsuit alleged that the Trump Organization misled banks and insurance companies about the value of its assets to obtain loans and reduce its tax liability.
• The judge ruled that the lawsuit could proceed to trial, rejecting the Trump Organization's request to dismiss the case.
• The ruling is a major setback for the Trump Organization and could result in it losing control of some of its most valuable properties.

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