Trump posts $175M bond in New York civil fraud case
Donald Trump’s bond pauses any action that AG Letitia James could take against Trump’s properties in response to the judgement until at least September, when the state appeals court also set a schedule to hear his appeal of the verdict.
By Kara Scannell and Jeremy Herb | CNN
Former President Donald Trump has posted a $175 million bond as he appeals the judgment against him in the New York civil fraud case brought by state Attorney General Letitia James.
The bond amount was lowered by several hundred million dollars by a state appeals court last month after Trump’s attorneys argued that covering the full bond on the $464 million verdict against him was not feasible. (Trump himself was ordered to pay $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)
Trump’s bond pauses any action that James could take against Trump’s properties in response to the judgement until at least September, when the state appeals court also set a schedule to hear his appeal of the verdict.
The bond is underwritten by Knight Specialty Insurance, a California-based insurance company.
In January, Judge Arthur Engoron fined Trump and his co-defendants, including his adult sons and his company, $464 million, finding they fraudulently inflated the value of the former president’s assets to obtain better loan rates. Trump had been given 30 days to post the bond for the full amount of the judgement while he appealed, as is required by state law, but his attorneys said he could not find an insurance company to underwrite that large of a bond. That prompted James to take steps to prepare to seize Trump’s assets in the event Trump failed to post bond.
When the 30-day deadline hit, however, the New York appeals court stepped in and lowered the bond to $175 million, giving Trump an additional 10 days.
Trump also posted a $91.6 million bond last month in the E. Jean Carroll defamation case while he appeals that verdict against him.
This story has been updated with additional developments.