Trump can't secure $454 million appeal bond in New York fraud case, his lawyers say

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Trump can't secure $454 million appeal bond in New York fraud case, his lawyers say

Source: CNBC

Published Mon, Mar 18 2024 10:26 AM EDT Updated 10 Min Ago


Former President Donald Trump has been unable to obtain an appeal bond to secure a $454 million civil judgment against him in a New York business fraud case, his attorneys said in a court filing Monday. Lawyers for Trump and his co-defendants said it has been “impossible” for them to secure a complete appeal bond, which would effectively require “cash reserves approaching $1 billion,” which the former president or his company do not have.

Trump’s team has approached, without success, around 30 surety companies through four separate brokers as he seeks an appeal bond, and they have spent “countless hours negotiating with one of the largest insurance companies in the world,” according to the filing with the Appellate Division of Manhattan Supreme Court.

Under New York court rules, Trump must post an appeal bond if he wants to avoid New York Attorney General Letitia James moving to collect on the fraud judgment in the state’s favor. James has said she will seize Trump’s property if he is unable to pay the entire judgment or obtain an appeal bond. Trump’s lawyers in their filing said that if the appellate division considers denying a stay of the judgment, it should schedule oral arguments on the issue. 

And if the division declines to grant the stay, the attorneys asked that they be allowed to ask the Court of Appeals, the highest state court in New York, to pause the judgment without having to obtain an appeal bond in the full amount. Manhattan Supreme Court Judge Arthur Engoron in February ordered Trump and his co-defendants to pay a total of $464 million in damages and interest for violating a New York anti-fraud statute.

Read more: https://www.cnbc.com/2024/03/18/trump-cant-secure-454-million-appeal-bond-in-new-york-fraud-case-his-lawyers-say.html