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NEW YORK, Sept 21 (Reuters) – Former U.S. President Donald Trump and his grownup youngsters had been sued on Wednesday for what New York state’s lawyer basic referred to as quite a few acts of fraud and misrepresentation, accused of misstating the values of actual property properties to acquire favorable loans and tax advantages.
The lawsuit, filed in a New York state courtroom in Manhattan, accused the Trump Group of wrongdoing in getting ready Trump’s annual statements of monetary situation from 2011 to 2021. It additionally named as defendants the Trump Group – a household firm that manages lodges, golf programs and different actual property around the globe – in addition to the previous president’s sons Donald Trump Jr. and Eric Trump and his daughter Ivanka Trump.
Legal professional Basic Letitia James, a Democrat, stated her workplace uncovered greater than 200 examples of deceptive asset valuations, and the criticism talked about 23 property that she referred to as “grossly and fraudulently inflated.”
Trump in a social media publish referred to as the lawsuit, one of many greatest authorized blows for the Republican businessman-turned-politician since he left workplace in January 2021, “one other Witch Hunt” and launched a private assault on James. Trump is contemplating working for president once more in 2024.
The lawsuit was civil, that means it didn’t contain felony prices. However James stated she was referring allegations of felony wrongdoing to federal prosecutors in Manhattan and the Inside Income Service for investigation.
“The sample of fraud and deception that was utilized by Mr. Trump and the Trump Group for their very own monetary profit is astounding,” James instructed a information convention.
“Claiming that you’ve got cash that you just wouldn’t have doesn’t quantity to the ‘artwork of the deal,’ it is the artwork of the steal,” James stated, referring to the title of a 1987 guide written by Trump.
The lawsuit accused Trump of inflating his internet price by billions of {dollars} to induce banks to lend cash to his firm on extra favorable, to fulfill persevering with mortgage phrases, to coax insurers to offer protection for greater limits at decrease premiums, to realize tax advantages and different functions.
James is looking for to completely bar Trump and his three youngsters named as defendants within the case from serving as an officer or director in any New York company, prohibit Trump and the Trump Group from getting into into any industrial actual property acquisitions in New York for 5 years and award disgorgement of all monetary advantages gained fraudulently – estimated to whole $250 million. learn extra
James stated her workplace rejected settlement presents submitted by the defendants, however stated “our doorways are at all times open” for future negotiations.
The Trump Group has individually been charged with felony tax fraud by the Manhattan District Legal professional’s workplace and is getting ready for an Oct. 24 trial. Its former chief monetary officer Allen Weisselberg – who can be named as a defendant in James’ swimsuit – has pleaded responsible and is anticipated to testify in opposition to the corporate. learn extra
Following the information convention by James, Trump on social media disparaged her integrity.
“She is a fraud who campaigned on a ‘get Trump’ platform, although the town is without doubt one of the crime and homicide disasters of the world below her watch!” Trump wrote.
James opened the civil investigation into Trump’s enterprise practices after Michael Cohen, Trump’s former lawyer and fixer, stated in congressional testimony that the president inflated some asset values to save cash on loans and insurance coverage.
“The Legal professional Basic’s Workplace has exceeded its statutory authority by prying into transactions the place completely no wrongdoing has taken place,” Alina Habba, a lawyer for Trump, stated in an announcement, calling the accusations “meritless.”
Wednesday’s lawsuit adopted a contentious investigation during which James accused Trump, his firm and a few members of the family of utilizing delay techniques to disregard subpoenas and keep away from testifying.
Trump on Aug. 10 declined to reply questions in a closed-door deposition on the workplace of the lawyer basic, invoking his proper in opposition to self-incrimination below the U.S. Structure’s Fifth Modification greater than 400 instances.
Donald Trump Jr. and Ivanka Trump agreed to sit down for depositions solely after courts required it. Eric Trump invoked his Fifth Modification rights greater than 500 instances in a 2020 deposition. learn extra
Among the many properties James cited as examples within the lawsuit was Trump’s personal condo in Manhattan’s Trump Tower.
James stated Trump stated the condo was 30,000 sq. ft, when in reality it was solely 10,996 sq. ft, and that its $327 million valuation in 2015 was “absurd” since no New York Metropolis condo had bought for $100 million on the time.
She additionally stated Trump valued his Mar-a-Lago property in Florida as excessive as $739 million by pretending it could possibly be developed for residential use, when he knew there have been restrictions. James stated Mar-a-Lago ought to have been valued nearer to $75 million.
James additionally goals to bar Trump and his firm from borrowing from state-licensed banks for 5 years.
She acknowledged that Trump, who now lives in Florida, might attempt to transfer his firm or borrow elsewhere, however that might not excuse him from his obligations in New York.
“There can’t be totally different guidelines for various individuals on this nation or state, and former presidents are not any totally different,” James stated.
Trump has been beset with authorized troubles. The FBI carried out a search at Mar-a-Lago on Aug. 8 as a part of a felony investigation into his dealing with of presidential information together with labeled materials. learn extra
Trump additionally faces a felony investigation in Georgia over his efforts to overturn the 2020 election outcomes. learn extra
He has denied wrongdoing within the varied probes.
Reporting by Jonathan Stempel, Karen Freifeld and Luc Cohen in New York; Enhancing by Will Dunham and Alistair Bell
Our Requirements: The Thomson Reuters Belief Rules.
Donald J. Trump won 30 percent of the votes cast in New York City this month. It was a seven-point jump from his performance in 2020, and a higher share of the vote than any Republican nominee has won in the city since George H.W. Bush in 1988.
But his improved vote share was driven more by the votes Democrats lost than by the votes he gained.
Where each candidate gainedHow votes changed since 2020
or lost votes compared with the party’s 2020 candidate, by
neighborhood
In every neighborhood in New York City, from Red Hook in Brooklyn to Riverdale in the Bronx, Vice President Kamala Harris received markedly fewer votes than Joseph R. Biden, Jr. did in 2020, while in most neighborhoods, Mr. Trump notched modest increases compared with his last run.
The votes cast in New York City have not yet been certified, but more than 97 percent of them have been counted. That includes all ballots that were cast in person, both on Election Day and before, and a majority of absentee ballots, according to Vincent M. Ignizio, the deputy executive director of the city’s election board.
As it stands, the downturn in votes for the Democratic candidate was six times the size of Mr. Trump’s gains when compared with 2020. In some boroughs, the ratio was even larger.
−573,600
+94,600
−164,900
+35,400
−151,700 +16,600
−120,900
+17,900
−111,000
+23,800 −25,100
+900
Change in vote by borough, compared with 2020
All of New York City
Queens
Brooklyn
Manhattan
Bronx
Staten Island
Many New Yorkers moved out of the city during the pandemic, and by the 2022 midterms, the total number of registered voters here had already started to drop. As of this month, there were about 230,000 fewer active registered Democrats in the city than there were in 2020, and about 12,000 more registered Republicans.
It is not clear how much that contributed to the outcome of the election, but the pattern of Democratic losses and Republican gains was clear across all income levels and ethnic groups in the city. The drop-off was most pronounced among working-class immigrant groups who live outside Manhattan, many of them in the neighborhoods that were hit the hardest by the pandemic and the economic disruption that followed.
The neighborhood where Democratic turnout dropped the most in terms of percentage change was Borough Park, an Orthodox Jewish enclave in Brooklyn that voted overwhelmingly for Mr. Trump. While support for Mr. Trump increased only slightly, from about 22,200 votes in 2020 to 22,700 in 2024, turnout for the Democratic candidate dropped 46 percent, from about 7,600 votes in 2020 to about 4,100 in 2024.
Percentage change in votes compared with 2020
Borough Park, Brooklyn |
−46% |
+2% |
Woodhaven, Queens |
−42% |
+46% |
Bensonhurst, Brooklyn |
−40% |
+12% |
Corona, Queens |
−40% |
+57% |
Richmond Hill, Queens |
−39% |
+35% |
Ocean Parkway, Brooklyn |
−39% |
+1% |
Elmhurst, Queens |
−38% |
+30% |
Gravesend, Brooklyn |
−37% |
+13% |
Flushing, Queens |
−36% |
+11% |
Dyker Heights, Brooklyn |
−36% |
+9% |
Morrisania, Bronx |
−36% |
+62% |
East Tremont, Bronx |
−36% |
+57% |
East Harlem, Manhattan |
−36% |
+26% |
South Richmond Hill, Queens |
−36% |
+49% |
Concourse, Bronx |
−35% |
+58% |
Among income groups in the city, the precincts with the lowest median incomes saw a the largest drop in support for the Democratic candidate, and the largest increase in support for Mr. Trump.
Lowest income |
−32% |
+24% |
Middle income |
−26% |
+12% |
Highest income |
−17% |
+7% |
Ms. Harris lost substantial support in precincts with larger populations of Latino and Asian voters. Asian voters have been shifting rightward in recent years because of a mix of concerns about crime, city education policies and the economy.
Mr. Trump made significant gains in precincts where a majority of residents were Latino or Black.
−37%
+19%
−37% +55%
−21%
+46%
−18%
−2%Percentage change in votes compared with 2020
45% Asian
70% Hispanic
70% Black
90% white
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Northvolt’s chief executive has resigned a day after Europe’s big battery hope filed for bankruptcy in the US.
Peter Carlsson took responsibility for the dramatic collapse during a town-hall meeting with employees on Friday morning, the Stockholm-based company said.
Northvolt was Europe’s best-funded start-up, having raised more than $15bn from investors and governments, but was left with just $30mn in cash — enough to operate for a week — before its bankruptcy filing under US Chapter 11 rules that gives it protection from creditors.
“The Chapter 11 filing allows a period during which the company can be reorganised, ramp up operations while honouring customer and supplier commitments, and ultimately position itself for the long term. That makes it a good time for me to hand over to the next generation of leaders,” Carlsson said.
He later told reporters that Northvolt needed about $1bn-$1.2bn to be able to continue as a going concern after Chapter 11.
The former Tesla executive founded Northvolt in 2016 and positioned it as Europe’s answer to the growing dominance of Asian players in battery manufacturing such as China’s CATL and BYD, Japan’s Panasonic and South Korea’s LG and Samsung.
Northvolt gathered more than $50bn in orders from automotive groups such as Volkswagen, BMW, Scania and Porsche as well as billions more in capital from the same groups and from financial investors including Goldman Sachs and BlackRock.
But it said late on Thursday that it was filing for Chapter 11 bankruptcy in the US with $5.8bn in debts, so that it could access $145mn in cash and $100mn in fresh financing from truckmaker Scania. It is now looking for one or more investors to provide it with future financing to exit Chapter 11.
Current and former employees have told the Financial Times that the fall of Northvolt was due to a litany of issues, from mismanagement and overspending to poor safety standards and over-reliance on Chinese machinery.
Several investors had privately urged Carlsson to resign to take responsibility for Northvolt’s dramatic fall from grace.
Speaking to reporters on Friday about what went wrong, Carlsson said: “I should have pulled the brakes earlier on the expansion path to make sure the core engine was moving according to plan.” He also said there had been “gravel in the machinery”.
VW, Northvolt’s biggest current shareholder with a 21 per cent stake, had told the start-up that “they’re not able to continue capitalising us”, Carlsson continued. But he also said that the company had received strong support from Scania, Porsche and Audi, which are all part of the VW group.
Northvolt has struggled to ramp up production at its sole factory in Skellefteå, just below the Arctic Circle in northern Sweden.
Its plans for factories in Germany and Canada remain unaffected by Chapter 11 as they have received significant subsidies from the respective governments.
“We are incredibly thankful to Peter for his vision and dedication to building Northvolt from an unprecedented idea to becoming Europe’s battery manufacturing champion,” said Tom Johnstone, Northvolt’s interim chair.
The company will begin searching for a new chief executive immediately.
Its present leadership consists of Pia Aaltonen-Forsell, chief financial officer; Matthias Arleth, a former VW executive who is now head of cells and who will also take the role of chief operations officer; and Scott Millar, an executive at Teneo who has become chief restructuring officer.
Carlsson, currently one of Northvolt’s largest shareholders, will remain on the company’s board and as a senior adviser.
Over the last few years and through this year’s contentious campaign season, which was rooted in America’s deep divisions, there has been a coarsening in the way people talk to each other. We wanted to explore how some are trying to bridge divides. We asked our reporters across the NPR Network to look for examples of people working through their differences. We’re sharing those stories in our series Seeking Common Ground.
CREIGHTON, Pa. — With their faces hidden behind hard black masks, two fighters stand a few feet apart and raise their swords.
They step forward and clank the broad, dull metal blades against each other repeatedly. One fighter strikes the other in the chest. The fight is over, and a small crowd applauds.
Inside this former Catholic church northeast of Pittsburgh, under a 25-foot ceiling flanked by Gothic, pointed-arch windows, members of the Pittsburgh Sword Fighters club and school gather.
It’s a tournament — as well as a party — billed as Friday Night Fights.
There are plenty of rules in a sword fight. But there’s one rule that applies after the fighters have put down their weapons: no talk of politics.
The evolution of the rule started around 2016, when club owner Josh Parise says he was getting fed up with the rancor of political discourse in the U.S. — personal attacks were on the rise, even within families, as was cancel culture.
“I couldn’t tolerate the lack of decency between human beings,” says Parise, whose club focuses on historical European martial arts.
“None of it made sense anymore,” he says.
And then there were a few would-be sword fighters who came to the club and didn’t treat others well. Parise had to tell them to get on their horses and leave.
“It’s infuriating to me, so with this place, we just don’t allow that to happen,” Parise says.
As club volunteer Kat Licause watches the matches, she says the directive to avoid politics has led to closer relationships in the club.
“I don’t think we avoid it in the sense that we’re running scared of big questions and topics,” says Licause, who works as a tech writer. “I think we just have this mutual understanding here that if any of us was ever in trouble, we would pick each other up, like immediately.”
The club space is outfitted with medieval and Gothic touches, like coats of arms, a three-eyed raven sculpture and faux stonework that Parise made himself.
Against the far wall, a custom Dumbledore throne sits on a fake altar. Off to the sides, there’s a table for potluck dishes and an open bar. The crowd and the vibe are noticeably chill, considering the main activity.
“You walk up, you acknowledge one another, and then you hit each other with big metal sticks,” Parise says with a wry smile.
But divisive political rhetoric, which can be sharper than the swords here, must be left at the club’s big wooden door. The politics ban doesn’t rise to the level of, say, a 15th-century heresy law, but it’s there.
Parise says his students and club members run the gamut politically, from religious conservatives to progressives. He loves to see them find common ground.
“I just don’t want people to feel uncomfortable, but I also don’t want them to bring their baggage with them,” he says. “Leave it outside and just do the thing.”
As the tournament gets underway, a judge briefs the fighters and urges them to play by the rules and stay under control, lest he “red-card” them.
“These are teachable moments,” the judge says. “We fight at Friday Night Fights to learn and help each other.”
More fighters line up. Among them is high school English teacher and long-sword instructor Todd Rooney.
He’s holding his headgear, waiting for his name to be called to fight. Rooney has been a member of the sword fighters’ club for almost 10 years and appreciates the politics-free zone.
“Because that rule exists here, I get to work with, spar with, teach, learn from people from all different walks of life, all different political affiliations, religious groups,” Rooney says.
And the controlled conflict of a sword fight, he says, brings about a kind of clarity.
“We have to encounter each other as fully human — we have to respect each other,” he says. “And it’s especially important here, when we’re coming at each other with weapons.”
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