Former President Donald Trump, alongside several co-defendants, has successfully posted a $175 million bond following a New York appeals court ruling that spared them from having to produce $464 million. This move comes in response to efforts by New York Attorney General Letitia James to seize their assets amid a civil fraud case.
Pressure had mounted on the presumptive Republican presidential nominee in recent weeks to secure the funds or find a bonding company willing to cover the hefty judgment faced by Trump and various business entities. The judgment, totaling approximately $454 million including interest, was imposed by Judge Arthur F. Engoron after determining that Trump had inflated the value of his assets through fraudulent means over several years.
Notably, Trump’s sons Eric and Don Jr. also face substantial judgments, totaling over $9 million, while former Trump Organization executive Allen Weisselberg was ordered to pay more than $1 million.
The bond, provided by Knight Specialty Insurance Company, based in Los Angeles but meeting New York’s requirements, was confirmed in a court filing on Monday, offering a shield against asset collection until Trump’s appeal concludes.
The relief came just in time for the former president, as a March 25 deadline loomed for him to provide a deposit or bond. The appeals court granted an extension, reducing the required amount to $175 million, a decision Trump celebrated while denouncing the original judgment as “ridiculous and outrageous.” Meanwhile, Attorney General James affirmed that Trump remains accountable for his actions.
In a statement, Trump’s lawyer Alina Habba reiterated his commitment to appeal the verdict, expressing confidence in overturning what they deem an unjust ruling. The New York Attorney General’s Office declined to comment on the matter.
The assistance follows Trump and his co-defendants’ assertion that obtaining a $464 million bond was “a practical impossibility,” citing difficulties in securing such a substantial amount without significant financial repercussions. Despite pushback from James’ office, Trump’s legal team argued for relief from posting a bond during the appeal process.
While a previous emergency request to post a $100 million bond was swiftly rejected, the recent decision to lower the amount to $175 million came from a panel of judges, though they did not elaborate on their reasoning.
The developments mark another chapter in the ongoing legal battles surrounding Trump’s business dealings, with the outcome of the appeal anticipated to have significant ramifications for all involved parties.
