In the civil fraud case, President Donald Trump emerged victorious in court on Monday against New York Attorney General Letitia James.
The question raised by James regarding the capability of the surety company to fulfill its obligation for the $175 million bond posted by Trump was dismissed by the judge, thereby upholding the validity of the bond.
Fox News: Court rules Trump $175 million bond stands pic.twitter.com/se9KBxVP9d
— The Post Millennial (@TPostMillennial) April 22, 2024
On April 1st, Trump submitted a $175 million bond to prevent James from seizing assets following an appeals court decision allowing the former president to post the bond amount to address a civil fraud judgment of $464 million.
The appeals court’s decision ensured that Trump could pursue an appeal against the judgment. The arguments for the appeal are scheduled for September.
Knight Specialty Insurance Company underwrote the bond.
The company essentially agreed to cover the $175 million bond if Trump’s appeal is unsuccessful and he is unable to make the payment.
Trump paid a fee to Knight Specialty Insurance Company and provided cash as collateral to secure the company’s coverage.
In February, Judge Arthur Engoron imposed fines on Trump and the Trump Organization totaling over $350 million.
Additionally, he prohibited Trump from holding any officer or director positions in a New York corporation for three years.
James aims to financially cripple Trump by holding him accountable for a $464 million fine and imposing a lifelong ban on him from the real estate industry in New York State.
