Former President Trump has posted a $175 million bond in his New York civil fraud case, preventing the state from seizing his assets while he appeals the decision. If Trump is successful in his appeal, he will not have to pay the state anything and will receive the money he has put up as bond. The New York Attorney General, Letitia James, brought the lawsuit on the state’s behalf, seeking to collect a judgment against Trump for allegedly lying about his wealth in order to secure loans and other deals.
Trump has denied any wrongdoing, arguing that the financial statements in question undervalued his assets and were not taken at face value by the institutions that provided loans or insurance. The court decision to lower the bond amount required for Trump was made after his lawyers argued that it was practically impossible to find an underwriter willing to cover the $454 million, plus interest, that he owes. Despite facing legal challenges, Trump’s family expressed confidence in their ability to appeal and vindicate their rights.
The Appellate Division in New York has scheduled arguments for September to hear Trump’s appeal, with a specific date yet to be set. This schedule could coincide with the final weeks of the presidential race, adding a political dimension to the legal proceedings. While filing an appeal in New York generally does not halt the enforcement of a judgment, obtaining a bond that guarantees payment can provide an automatic pause. Trump’s legal team had encountered difficulties in finding bonding companies willing to accept a mix of cash and real estate as collateral for the required bond amount.
Aside from the New York case, Trump has also posted a bond and cash totaling over $97 million to cover legal debts owed to writer E. Jean Carroll. Carroll accused Trump of sexually assaulting her in the 1990s and defaming her when she publicly made the allegation in 2019. Trump denies all allegations against him. The former president’s legal battles have taken a substantial toll on his cash reserves, with recent debts totaling hundreds of millions of dollars. Despite these challenges, Trump and his family remain determined to pursue their appeals and defend their rights in court.
