A New York judge ruled on Monday ruled in favor of former President Donald Trump and said his $175 million bond judgment from his non-jury civil fraud trial will remain in place, despite an attempt by New York Attorney General Letitia James to invalidate it.
Trump’s appeal will continue moving forward, a major legal victory for the embattled 45th president.
James’ lawyers had argued that the court should void the reduced judgment, questioning whether Knight Specialty Insurance — the company that posted the bond — had the ability to pay the amount if required.
The court ruled against James, deciding that the bond will stand.
The court also stipulated that the $175 million must be held in cash, rather than in potentially fluctuating mutual funds or securities. Knight Insurance is prohibited from trading or moving the money but will retain control of the account.
Additionally, the court ordered Knight Insurance to provide James with monthly financial statements showing the $175 million in cash and stated that any changes to the agreement would require court approval.
Trump’s attorney, Alina Habba, expressed satisfaction with the ruling and said the proceedings were “a complete waste of time and taxpayer money.”
She criticized the use of two courts against Trump, claiming they are a “disgrace to the American judicial system” and “the epitome of a witch hunt.”
The ruling in the James case came as Trump faced opening arguments in a separate criminal trial brought by Manhattan District Attorney Alvin Bragg, where he has pleaded not guilty to 34 counts of falsifying business records in the first degree.
Habba accused James of arguing that their “cash somehow isn’t green enough” and said Trump would appeal every ruling. She said that the cases against Trump are “an affront to the American Constitution,” the judicial system, and lawyers who care about what is right and wrong.
However, James’ team portrayed the ruling as a concession by Trump to resolve concerns related to the bond.
The bond is part of Trump’s appeal of the original decision by New York Judge Arthur Engoron, who had ruled that Trump was liable for $454 million in fraud.
An appeals court reduced the judgment to $175 million while Trump appealed Engoron’s ruling. If Trump loses the appeal, he may be liable for the full $454 million, potentially exposing his real estate portfolio to seizure by James. The appeal arguments are scheduled for September.
Stephen Dietrich is the publisher of The Horn News