Trump loss in N.Y. fraud case 'more and more likely' – and it would be 'devastating': legal expert

If Donald Trump is found liable in New York Attorney General Letitia James' $250 million fraud lawsuit against him, the financial damage could leave him devastated, real estate lawyer and legal political analyst Andrew Lieb told Newsweek.

"A win in this case would do a lot of things to all the defendants, such as restrict their ability to participate in real estate transactions and get loans while requiring a ton of disclosures and corporate red tape, but most importantly, it would permanently bar Donald Trump from serving as an officer or director of any New York business and make him liable for approximately $250 million plus prejudgment interest to the State of New York," Lieb said.

"That is simply a devastating result for a man whose business revolves around New York City and who relies heavily on leverage from loans to do business on an ongoing basis," he added.

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Lieb said that it's "looking more and more likely" that Trump will lose the case.

James is investigating allegations that Trump inflated or undervalued his assets in regards to his businesses. Trump has denied any wrongdoing in regards to the case.

But Corporate law attorney Tre Lovell disagrees, arguing that Trump doesn't face much of a financial threat from the case because a judge may agree that the decade-old transactions have passed the statute of limitations.

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"Everyone has a constitutional right to pursue their livelihood, and preventing someone from doing business in a particular state or jurisdiction would be draconian and very unlikely," Lovell told Newsweek.

Read the full article at Newsweek.