Former President Donald Trump and his co-defendants have obtained a $175 million bond in their New York civil fraud case, facilitated by Knight Specialty Insurance Company. The bond reduction, from an initial $464 million, follows a recent appellate court decision, marking a significant development in the ongoing legal battle.
In a recent court filing, it was revealed that Donald Trump and his co-defendants have successfully secured a $175 million bond in their New York civil fraud case. The bond, provided by Knight Specialty Insurance Company, represents a reduction from the initial $464 million judgment, signaling a notable development in the legal proceedings.
Don Hankey, chairman of the privately-held Hankey Group, which owns Knight Specialty Insurance Company, expressed his support for Trump and characterized the decision as both a business move and a personal endorsement. Hankey disclosed that Trump put up collateral in cash to secure the bond, although it remains unclear if additional bonds were utilized in the final arrangement.
Trump’s attorney, Alina Habba, affirmed the posting of the bond and reiterated the former president’s commitment to challenging the verdict through the appeals process. Last week, a panel of judges granted Trump and his co-defendants a 10-day stay of the original judgment and permitted the reduced bond, providing temporary relief as they pursue further legal recourse.
The civil fraud case stems from allegations of business misconduct, with Judge Arthur Engoron previously finding Trump and his associates guilty of fraudulent practices aimed at inflating the former president’s net worth. Despite Trump’s denial of wrongdoing, the court imposed substantial fines, prompting an appeal from the defense team.
Legal experts suggest that the outcome of the appeal could have significant financial implications for Trump, potentially leading to the enforcement of the full $464 million judgment if the appeal fails. New York Attorney General Letitia James has indicated readiness to pursue enforcement measures to ensure the judgment is paid to New Yorkers.
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