Trump's lawyers lose bid to stay New York civil fraud trial

• Trump's lawyers argued in a court filing earlier Friday that a ruling last week by the judge overseeing the case is a "grave miscarriage of justice."
• His team, which also sought a stay of the judge's ruling, said in the filing that "the far-reaching implications of its unprecedented directives are of staggering consequence to Appellants."
• The ongoing trial surrounds New York Attorney General Letitia James' $250 million fraud lawsuit against Trump, his two adult sons and his business.

The big picture: New York Judge Arthur Engoron ruled last week that Trump committed fraud by exaggerating his net worth on financial records.

• The ruling also cancelled business certificates for some properties controlled by the Trump Organization.
• Christopher Kise, a lawyer for Trump, said that he would likely appeal the decision, which he argued ignored "basic legal, accounting and business principles," per the New York Times.

What they're saying: Trump's team said Friday that the ruling would "unquestionably inflict severe and irreparable harm not only to Appellants but to innocent nonparties and employees who depend on the affected entities for their livelihoods."

State of play: The request for a stay comes at the end of the first week of the New York civil fraud trial, which Trump voluntarily attended for the first three days.

• Engoron issued a gag order on Trump this week after he made a post on his Truth Social account attacking the judge's law clerk.

Go deeper: How Trump commands the narrative of his own legal woes