Trump and NY AG’s Office Approve $175 Million Bond for Fraud Appeal
In a pivotal move on Monday, Donald Trump and New York Attorney General Letitia James reached a consensus on the conditions of a $175 million bond. This agreement is crucial for Trump’s appeal against a staggering $465 million civil fraud judgment. The accord was established just as Trump faced the beginning of his first criminal trial, marking a significant day in court.
Trump $175 Million Bond Agreement : Bond Details and Legal Implications
The bond, secured by Knight Specialty Insurance Co. and supported by $175 million from a Charles Schwab account, aims to ensure the $465 million judgment is met if Trump’s appeal fails. Originally, the bond allowed Trump’s trust the flexibility to replace cash assets with potentially less secure investments, which raised concerns about the sufficiency of the bond to cover the judgment amount.
However, during intense negotiations highlighted by preliminary arguments, Assistant Attorney General Andrew Amer indicated that the attorney general’s office would withdraw its objections under new terms. These terms stipulate that the collateral must remain in cash and under the control of Knight, removing the trust’s influence over the account.
