A New York appellate court threw out the $527 million penalty in the civil fraud case against President Trump and others on Thursday, ruling that the fine was "excessive."

A New York state appeals court threw out on Thursday an approximately half-billion dollar penalty that Donald Trump had been ordered to pay after a judge found that the U.S. president fraudulently overstated the value of his properties and other assets to bolster his family business.

A New York appeals court tossed out a $464 million civil penalty against Donald Trump, finding the damages amount excessive, while upholding the ruling that he, his family members and companies were liable for business fraud.