Trump's Legal Team Offers $100m Bond in Bid to Halt $455m Fraud Trial Judgment

https://icaro.icaromediagroup.com/system/images/photos/16080447/original/open-uri20240228-18-4z4dzn?1709161404
ICARO Media Group
Politics
28/02/2024 22h59

In a filing to a New York appeals court, Trump's legal team argued that the ruling, stemming from a lawsuit sparked by New York attorney general Letitia James, violates his Eighth Amendment right against excessive fines. The attorneys expressed concerns that the judgment, coupled with restrictions on Trump's business activities, would lead to irreparable harm and financial losses for him.

Despite the request to halt enforcement of the monetary judgment being denied by a state appellate judge, Trump's legal team remains adamant that posting the full judgment amount would be unfeasible due to the imposed penalties. The attorneys emphasized that requiring a complete bond would hinder Trump’s ability to secure the necessary funds and could result in significant property sales to raise capital during the appeal process.

The lawsuit, involving Trump, his sons Donald Jr and Eric, and Trump Organization executives, alleges significant inflation of the former president's net worth to obtain favorable financing terms. While Trump claimed to have over $400 million in cash during a deposition, documents from the trial indicate around $294 million in liquid assets. The battle over the bond continues, with Attorney General James urging prompt payment and warning of potential evasion tactics by the defendants.

As the legal proceedings unfold, the financial stakes remain high for Trump and his associates, with the outcome of the appeal critical in determining the future of the multimillion-dollar judgment.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

Related