The lawsuit comes after a three-year civil investigation into the business practices of the Trump Organization. The lawsuit details over 200 instances of alleged fraud over the course of a decade. It claims that the Trump Organization inflated the value of its real estate holdings to get favorable bank loans while deflating the value of other properties to pay lower taxes.
"These acts of fraud and misrepresentation were similar in nature, were committed by upper management at the Trump Organization as part of a common endeavor for each annual Statement, and were approved at the highest levels of the Trump Organization -- including by Mr. Trump himself," the lawsuit states.
The lawsuit is seeking $250 million in penalties. In addition, James wants to bar Trump and his children from serving as the director of any business registered in New York state for five years.
Trump's lawyer, Alina Habba, issued a statement responding to the lawsuit.
“Today’s filing is neither focused on the facts nor the law – rather, it is solely focused on advancing the Attorney General’s political agenda. It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place. We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.” Habba said.