Former President Trump’s $175 million bond judgment stemming from his non-jury civil trial will stand, a New York judge ruled Monday after New York Attorney General Letitia James attempted to invalidate it.
Lawyers for James on Monday argued that the court should void Trump’s slashed judgment of $175 million in his non-jury civil fraud trial. James questioned whether the company that posted the massive bond, Knight Specialty Insurance, could actually pay the bond if needed.
The court, though, ruled against James, deciding that the bond will stand.
Democrat New York Attorney General Letitia James and former President Donald Trump. (Getty Images)
The court decided the $175 million needs to be in cash — not in mutual funds or securities where the value can fluctuate. The court said Knight Insurance cannot trade or move the money, but said they will retain control of the account.
The court also ruled that Knight Insurance must provide a monthly financial statement to James showing the $175 million in cash, and decided that the agreement cannot change without approval from the court.
The hearing Monday lasted for approximately an hour.
Trump attorneys are appealing the decision from New York Judge Arthur Engoron, which required him to pay $454 million after Engoron ruled Trump was liable for fraud.
An appeals court slashed that $454 million judgment to $175 million while Trump appeals Engoron’s ruling.
If Trump loses his appeal, the former president may be liable for the full $454 million. His real estate portfolio may then be exposed to seizure by James.
Arguments in the appeal are set for September.
This is a developing story. Please check back for updates.
Original News Source Link – Fox News
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