A New York judge upheld the $175 million bond judgment against former President Trump arising from his non-jury civil trial, despite efforts by New York Attorney General Letitia James to invalidate it.
James’ lawyers argued for the annulment of Trump’s reduced judgment, expressing doubts about the financial capacity of Knight Specialty Insurance, the bond issuer. However, the court ruled against James, affirming the bond’s validity.
The court specified that the $175 million must be in cash, prohibiting its placement in fluctuating assets like mutual funds or securities. Knight Insurance is restrained from trading or transferring the cash but retains control over the account. Additionally, it must provide monthly financial statements to James, with any alterations to the agreement requiring court approval, Fox reports.
“Trump is right. This is an embarrassment. The fact that we are actually talking about this case being presented in a New York courtroom leaves me in utter disbelief."
-Professor @JonathanTurley pic.twitter.com/JZ0Hznwr4A
— GOP (@GOP) April 22, 2024
Trump’s attorney, Alina Habba, welcomed the ruling, criticizing the legal proceedings as a misuse of time and taxpayer resources. Habba decried the dual legal battles faced by Trump, labeling them as unjustifiable attacks driven by political motives rather than legal merit.
Meanwhile, as Trump attended the court for his criminal trial, James’ team portrayed the ruling as a concession to their concerns regarding the bond. Despite the ongoing legal battles, Trump’s attorneys continue to challenge Judge Arthur Engoron’s decision, which imposed a $454 million liability on Trump for fraud.
Engoron’s ruling, stemming from a non-jury trial, accused Trump and his organization of persistent fraud, falsification of records, and conspiracy. Trump vehemently contested Engoron’s judgment, denouncing it as baseless and uninformed.
An appeals court subsequently reduced the liability to $175 million, pending Trump’s appeal. However, if Trump fails in his appeal, he may face the full $454 million liability, potentially risking seizure of his real estate assets by James.
