New York Attorney General Letitia James welcomed Judge Arthur Engoron’s staggering $354 million fine against Donald Trump on Friday by declaring at a news conference: “Everyone must play by the same rules.”

But a review of 70 years of legal history by the Associated Press showed no precedent whatsoever for suing an entrepreneur or business for allegedly inflating real estate values when there was no victim that suffered any damage.

Indeed, the record suggests that James held…

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