Former President Trump's $175 Million Bond Judgment Upheld by New York Judge

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ICARO Media Group
Politics
22/04/2024 23h01

The decision came after New York Attorney General Letitia James attempted to invalidate the judgment in Trump's non-jury civil trial.

During the hearing, James's lawyers argued for the court to void the slashed judgment of $175 million, questioning whether Knight Specialty Insurance, the company that posted the bond, had the financial capacity to pay it if needed. However, the court ultimately rejected James's arguments and affirmed the validity of the bond.

To ensure the payment, the court ruled that the $175 million must be in cash and not in fluctuating assets like mutual funds or securities. The court also decreed that Knight Insurance cannot trade or move the money, retaining control of the account. Additionally, the court ordered that Knight Insurance must provide monthly financial statements to James, demonstrating the existence of the $175 million in cash, and any changes to the agreement require court approval.

Trump's attorney, Alina Habba, expressed satisfaction with the ruling and described the proceedings as a waste of time and taxpayer money. Habba criticized the utilization of both criminal and civil trials against Trump, alleging a concerted effort to undermine him since he could not be defeated in the polls. Habba categorically stated that Trump had done nothing wrong, referring to the legal actions as a witch hunt.

Meanwhile, Trump is currently involved in a separate criminal trial brought against him by Manhattan District Attorney Alvin Bragg. He has pleaded not guilty to all 34 counts of falsifying business records in the first degree. In response to the ruling, Habba argued that the cases against Trump represent an affront to the American Constitution, the judicial system, and the integrity of lawyers.

James's team, on the other hand, viewed the ruling as a concession on Trump's part, claiming that he had acquiesced to the Attorney General's demands regarding the bond concerns. Trump's legal team is planning to appeal the decision made by Judge Arthur Engoron, which ordered him to pay $454 million after ruling him liable for fraud.

Judge Engoron, earlier in February, determined that Trump and the defendants were responsible for persistent and repeated fraud, falsifying business records, issuing false financial statements, and engaging in conspiracy and insurance fraud. Engoron's previous ruling in September 2023, prior to the non-jury trial, affirmed that Trump and the Trump Organization had committed fraud by deceiving banks, insurers, and others.

An appeals court later reduced the judgment from $454 million to $175 million while Trump appeals Engoron's ruling. However, if Trump's appeal is unsuccessful, he may be held accountable for the entire $454 million, potentially risking the seizure of his real estate assets by James.

The appeal hearing for the case is scheduled for September.

In conclusion, the New York judge's decision to uphold the $175 million bond judgment against former President Trump has significant implications for his ongoing legal battles. The ruling comes amidst allegations of fraud and fraudulent business practices, with the appeals process set to determine the final outcome in the months ahead.

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

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