Former President Donald Trump won against New York Attorney General Letitia James in court Monday regarding a question surrounding the $175 million bond Trump posted in the civil fraud case.
James questioned if the surety company covering Trump’s $175 million bond was capable of fulfilling its obligation, but the judge rejected James, allowing the bond to stand.
On April 1, Trump posted a $175 million bond to prevent James from seizing assets after an appeals court ruled the former president could post the bond amount to cover a civil fraud judgment of $464 million.
The appeals court ruling guaranteed Trump could appeal the judgment. Arguments for the appeal are set for September.
New York Attorney General Letitia James speaks during a news briefing on February 16, 2024, in New York. (AP Photo/Bebeto Matthews)
The firm that underwrote the bond is Knight Specialty Insurance Company. The company essentially promised to cover the $175 million bond if Trump loses his appeal and fails to pay. Trump paid Knight Specialty Insurance Company a fee and pledged cash as collateral to obtain the company’s coverage.
Judge Arthur Engoron fined Trump and the Trump Organization in February for more than $350 million and barred him from serving as an officer or director of any New York corporation for three years.
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James seeks to essentially bankrupt Trump by putting him on the hook for a $464 million fine and a lifetime ban from the real estate industry in New York State.
The case is New York v. Trump, No. 452564, in the New York Supreme Court for New York County.
Wendell Husebo is a political reporter with Breitbart News and a former GOP War Room Analyst. He is the author of Politics of Slave Morality. Follow Wendell on “X” @WendellHusebø or on Truth Social @WendellHusebo.
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