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Judge Engoron approved a deal between Donald Trump’s lawyers and state Attorney General Letitia James.
The deal reinforces the $175 million bond he posted.
New York Judge Arthur Engoron approved a new agreement Monday between Donald Trump’s lawyers and state Attorney General Letitia James to reinforce the $175 million bond he posted to appeal a $454 million judgment in a civil fraud trial for inflating the value of his real estate empire in statements to lenders.
James asked Friday for Engoron to void the bond by arguing Knight Specialty Insurance Co. isn’t authorized to write bonds in New York. The collateral for Knight bond is a cash account with Charles Schwab financial services and state lawyers raised concerns that Trump had access to the account.
But at a hearing Monday, Trump lawyer Christopher Kise assured Engoron that Trump couldn’t move money out of the account without Knight’s approval, and Schwab would not allow it.
“We have to put the money somewhere,” Kise said.
Fox News also reported on it.
Fox News: Court rules Trump $175 million bond stands pic.twitter.com/se9KBxVP9d
— The Post Millennial (@TPostMillennial) April 22, 2024
This will prevent Letitia James from seizing Trump’s assets while he fights the judgement.
Why it matters: Approving the bond for the appeal will prevent New York Attorney General Letitia James from seizing Trump’s assets or freezing his bank accounts while he fights the judgment.