Former President Donald Trump has posted a $175 million bond as he appeals the judgment against him in the New York civil fraud case brought by state Attorney General Letitia James. The bond, which is underwritten by Knight Specialty Insurance, pauses any action that James could take against Trump’s properties in response to the judgment until at least September, when the state appeals court will hear his appeal of the $464 million verdict against him. The court document does not list the collateral that Trump used to secure the bond.
In January, Judge Arthur Engoron fined Trump and his co-defendants, including his adult sons and his company, $464 million, finding they fraudulently inflated the value of the former president’s assets to obtain better loan rates. Trump had been given 30 days to post the bond for the full amount of the judgment while he appealed, but his attorneys said he could not find an insurance company to underwrite that large of a bond. When the 30-day deadline hit, the New York appeals court stepped in and lowered the bond to $175 million, giving Trump an additional 10 days to secure the funds.
Last month, Trump said that he would use cash to cover the bond, but also expressed interest in using cash to fund his reelection campaign. When asked about putting personal funds into his presidential campaign, Trump responded by saying, “First of all, it’s none of your business,” but also mentioned, “I might do that. I have the option.” The bond amount was lowered by several hundred million dollars by the state appeals court after Trump’s attorneys argued that covering the full bond on the $464 million verdict against him was not feasible. Trump himself was ordered to pay $454 million, with the additional $10 million being disgorgement for his adult sons Don Jr. and Eric.
“As promised, President Trump has posted bond,” Trump attorney Alina Habba said in a statement. “He looks forward to vindicating his rights on appeal and overturning this unjust verdict.” Trump also posted a $91.6 million bond last month in the E. Jean Carroll defamation case while he appeals that verdict against him. The bond pausing any action that James could take against Trump’s properties in response to the judgment until at least September, as the state appeals court has set a schedule to hear his appeal of the $464 million verdict against him.
The story has been updated with additional developments as Trump continues to appeal the judgment against him in multiple cases. Trump’s legal battles and financial obligations have drawn significant attention, with the former president relying on insurance companies to support his appeals while also considering the use of personal funds for various purposes. The outcome of these appeals will have implications for Trump’s financial standing and political future, as he seeks to overturn unfavorable verdicts and maintain his position as a prominent figure in American politics.
