On Michael Cohen, Donald Trump's former lawyer and self-described "fixer," Judge Engoron wrote in his ruling that he found the star witness to be a credible witness despite having been convicted of perjury.

"His testimony was significantly compromised by his having pleaded guilty to perjury and by some seeming contradictions in what he said at trial," Engoron wrote. "However, carefully parsed, he testified that although Donald Trump did not expressly direct him to reverse engineer financial statements, he ordered him to do so indirectly, in his 'mob voice.'"

Engoron continued that although the "animosity between the witness and the defendant is palpable, providing Cohen with an incentive to lie, the Court found his testimony credible, based on the relaxed manner in which he testified, the general plausibility of his statements, and, most importantly, the way his testimony was corroborated by other trial evidence."

A "less-forgiving factfinder" might have come to a different conclusion and not believed "a single word of a convicted perjurer," Engoron wrote.

"This factfinder does not believe that pleading guilty to perjury means that you can never tell the truth," he continued. "Michael Cohen told the truth."

Cohen, who pleaded guilty in 2018 to lying to Congress about the Russia probe, addressed the passage on social media, writing on X, "Judge Engoron's determination regarding my veracity at the NYAG Trump civil fraud trial. Michael Cohen told the truth!"

Members of the Trump family and their attorneys roundly called the ruling unjust and indicated they plan to appeal.

Eric Trump told ABC News the judgment against him and his family is "a total joke" and "insane." He said the family will immediately appeal the ruling, which he said shows the court and the attorney general in his opinion are "living in an alternate universe."

Donald Trump Jr. accused the case of being politically motivated.

"We've reached the point where your political beliefs combined with what venue your case is heard are the primary determinants of the outcome; not the facts of the case!" he said in a statement to ABC News.

Donald Trump's lawyer, Chris Kise, also claimed the case was an "unjust political crusade" against the leading Republican presidential candidate and that there was no evidence of fraud.

"Hard to imagine a more unfair process and hard to believe this is happening in America," Kise said, adding that the former president "will of course appeal."

Donald Trump's legal spokesperson, Alina Habba, called the verdict a "manifest injustice" and the "culmination of a multi-year, politically fueled witch hunt."

"Countless hours of testimony proved that there was no wrongdoing, no crime, and no victim," Habba said in a statement. "Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients."

The Trump Organization also said the ruling was a "gross miscarriage of justice."

"Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established," a spokesperson said in a statement. "If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York."

Judge Engoron took direct aim at several of the Trumps' core defenses, including Trump's claim that real estate appraisal is imprecise and subjective, and that property valuations reflect nuances in the market that only sophisticated practitioners can understand.

Engoron called that argument a "great red herring in this case."

"True enough, as appraising is an art as well as a science," Engoron wrote. "However, the science part cannot be fraudulent. When two appraisals rely on starkly different assumptions, that is not evidence of a difference of opinion, that is evidence of deceit."

Engoron also undercut a common refrain from defendants' that their accountants were responsible for maintaining above-board business practices.

In a section of his ruling titled, "Blame the Accountants," Engoron wrote that, "There is overwhelming evidence … that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants."

Trump attorney Jesus Suarez will continue his cross examination of former Deutsche Bank risk management executive Nicholas Haigh when Trump's civil trial resumes this morning.

Deutsche Bank was the Trump Organization's largest single lender between 2011 and 2022, loaning the former president upwards of $300 million through the bank's private wealth management division.

Describing himself as an "ultimate decider" of the loans' riskiness, Haigh testified Wednesday that his decision-making process relied on Trump's financial statements -- documents that the New York attorney general alleges were fraudulent.

"I assumed that the representations of the assets and liabilities were broadly accurate," Haigh said yesterday.

Earlier witnesses have testified about how Trump's financial documents were drafted, finalized, and sent to banks -- but Haigh is the first witness to testify from the perspective of the banks, which the attorney general says were allegedly deceived by Trump's inflated financial statements.

Suarez, during his first hour cross examining Haigh on Wednesday, said Deutsche Bank was a sophisticated company that profited from the loans.

Haigh also acknowledged that the bank failed to conduct its own independent appraisals of Trump's top properties, and did not rigorously examine his financial information.