Former President Donald Trump is awaiting a ruling in a civil fraud case in New York, where his real estate operation is at stake and he faces down hundreds of millions of dollars in penalties.

Closing arguments in the case’s 2 1/2 month trial concluded this week, and a ruling could come by the end of the month. But Trump, the leading GOP presidential contender, could then appeal it, meaning the case may not see a final outcome for months and potentially not until after the presidential election.

The case came after New York Attorney General Letitia James alleged that Trump, his two adult sons, and two Trump Organization executives committed business fraud by for years lying on Trump’s statements of financial condition to secure more favorable loans and other financial terms. She accused them of doing this in part by exaggerating the value of some of Trump’s most prized assets, such as the Trump Tower in Manhattan.

Trump’s team argued that James was using dishonest property value assessments, excluding Trump’s “brand” value, and that Deutsche Bank happily maintained Trump as a client without consideration for the values in question on the statements of financial conditions.

James is seeking to permanently ban Trump and the two executives, Allen Weisselberg and Jeffrey McConney, from participating in the real estate industry in New York or running any business there. She is also seeking to impose five-year real estate bans on Trump’s two sons, Eric Trump and Donald Trump Jr.

Ahead of the trial, Judge Arthur Engoron found the defendants liable for most of James’s claims, and the trial was largely intended to assess penalties. In addition to shutting down their business operations in New York, James is seeking $370 million in damages.

Donald Trump has appealed Engoron’s pretrial decision and is awaiting a decision from the higher court. If he does not see a favorable ruling there, Donald Trump could then appeal that court’s decision to the state’s highest appellate court. This same process could play out with Engoron’s forthcoming ruling as well.

The former president made several appearances in New York for the trial, including to testify as a witness in November during what became a blockbuster day in court. In an entirely unconventional witness testimony, Donald Trump blasted James and Engoron under oath from the stand and condemned the trial as “very unfair” while being asked direct questions about the case.

The former president also appeared for the closing remarks this week. Engoron initially told Donald Trump’s defense lawyers, according to an email exchange the judge filed, that he would permit the former president to deliver his own closing remarks as long as he stayed within a scope of relevancy.

Donald Trump’s attorney Chris Kise objected to that and eventually asked for an eleventh-hour delay in the final trial day because the former president’s mother-in-law had just died one day prior. Engoron, according to the emails, expressed his sympathies but objected to a delay because of the extensive logistics involved in preparing for the closing remarks and appearance of a former president.

Engoron still briefly permitted Donald Trump to speak during the closing arguments, where the former president again denounced the case.

“We have a situation where I’m an innocent man,” Donald Trump said, calling James’s $370 million damage ask a “fraud on me.”

The former presiddent has also repeatedly defended his financial statements, saying in a statement on his social media platform Truth Social this week that his business work was “PERFECT.”

“I took a Loan, I paid it back, it was PERFECT, and New York now wants to charge me $370,000,000. ELECTION INTERFERENCE — WITCH HUNT!” he wrote.

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James, who has been present in the courtroom for portions of the trial, spoke to reporters after its final day, according to MSNBC.

“This case has never been about politics or personal vendetta or about name-calling. This case is about the facts and the law, and Mr. Trump violated the law,” James said.