A New York judge ruled on Monday that former President Trump’s $175 million bail judgment stemming from a non-jury civil trial was sought to be vacated by New York Attorney General Letitia James. was lowered.
Lawyers for Mr. James argued Monday that the court should vacate Mr. Trump’s $175 million reduced judgment in a civil fraud trial without a jury. Mr. James questioned whether the company that issued the large bond, Knight Specialty Insurance, would actually be able to pay the bond if necessary.
However, the court ruled against James and ruled that his bail would remain in place.
Democratic New York Attorney General Letitia James and former President Donald Trump. (Getty Images)
The court ruled that the $175 million must be held in cash and not in mutual funds or securities, which can fluctuate in value. The court said Knight Insurance cannot trade or transfer funds but retains control of the account.
The court also ruled that Knight Insurance must provide James with monthly financial statements showing $175 million in cash and that the contract could not be changed without court approval. I put it down.
Monday’s hearing lasted about an hour.
Trump’s lawyers are appealing a ruling by New York Judge Arthur Engoron that found him liable for fraud and ordered him to pay $454 million. ing.
While President Trump appealed the Engoron decision, the Court of Appeals reduced the $454 million judgment to $175 million.
If Trump loses his appeal, the former president could be liable for the full $454 million. His real estate portfolio could then be subject to foreclosure by James.
Arguments in the appellate court are scheduled for September.
This is a developing story. Please check back for the latest information.
