Former President Trump’s $175 million bond judgment stemming from his non-jury civil trial will stand, a New York judge ruled Monday after New York Attorney General Letitia James attempted to invalidate it.
Lawyers for James on Monday argued that the court should void Trump’s slashed judgment of $175 million in his non-jury civil fraud trial. James questioned whether the company that posted the massive bond, Knight Specialty Insurance, could actually pay the bond if needed.
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The court, though, ruled against James, deciding that the bond will stand.
Democrat New York Attorney General Letitia James and former President Trump. (Getty Images)
The court decided the $175 million needs to be in cash — not in mutual funds or securities where the value can fluctuate. The court said Knight Insurance cannot trade or move the money, but said they will retain control of the account.
The court also ruled that Knight Insurance must provide a monthly financial statement to James showing the $175 million in cash and decided that the agreement cannot change without approval from the court.
The hearing Monday lasted for approximately an hour.
Trump attorney Alina Habba on Monday said the former president’s legal team is happy with the ruling.
“A complete waste of time and taxpayer money, once again,” Habba said.
Former President Trump awaits the start of proceedings at Manhattan criminal court, Monday, April 22, 2024, in New York. Opening statements in Trump’s historic hush money trial are set to begin. Trump is accused of falsifying internal business records as part of an alleged scheme to bury stories he thought might hurt his presidential campaign in 2016. (AP Photo/Yuki Iwamura, Pool)
“The fact that we have two courts, not one criminal and civil being used against one man because they cannot beat him in the polls is a disgrace to the American judicial system,” Habba said Monday. “He should not have two teams of lawyers here today. He should not even be here today because he did nothing wrong. It is the epitome of a witch hunt.”
The decision in the James matter came as the former president sat in court across town for opening arguments in his criminal trial brought against him by Manhattan District Attorney Alvin Bragg. Trump has pleaded not guilty to all 34 counts of falsifying business records in the first degree.
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“Ms. James wanted to argue and say that our cash somehow isn’t green enough,” Habba said, adding that they will appeal every ruling. “This is where your tax dollars are going to America, right here, witch hunt after witch hunt.”
Habba said Trump’s company “was worth more in that case than it is now.”
“And now what? We’re here because of something that happened when he was in the White House that wasn’t even wrong. It was not wrong. You hire lawyers to solve problems, they solve those problems, we pay them. That’s it,” she said. “This is a joke.”
Habba said cases against Trump are “an affront to the American Constitution,” “an affront to our judicial system and it’s an affront to every lawyer that cares about their license, that cares about what is right and wrong.”
Alina Habba is seen on Jan. 26, 2024 in New York City. (Photo by GWR/Star Max/GC Images)
However, James’ team spun the ruling, saying Trump “has conceded to the Attorney General’s demands to resolve concerns related to the bond.”
Trump attorneys are appealing the decision from New York Judge Arthur Engoron, which required him to pay $454 million after Engoron ruled Trump was liable for fraud.
Engoron, in February, ruled that Trump and the defendants were liable for “persistent and repeated fraud,” “falsifying business records,” “issuing false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud,” and “conspiracy to commit insurance fraud.”
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In September 2023, before the non-jury trial, Engoron ruled that Trump and the Trump Organization had committed fraud while building his real estate empire by deceiving banks, insurers and others by overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
Justice Arthur Engoron presides over the civil fraud trial of the Trump Organization at the New York State Supreme Court in New York City on Nov. 13, 2023. (ERIN SCHAFF/POOL/AFP via Getty Images)
“He ruled against me without knowing anything about me,” Trump said on the stand during the trial last year. “He called me a fraud, and he didn’t know anything about me.”
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An appeals court slashed that $454 million judgment to $175 million while Trump appeals Engoron’s ruling.
If Trump loses his appeal, the former president may be liable for the full $454 million. His real estate portfolio may then be exposed to seizure by James.
Arguments in the appeal are set for September.