Trump posts $175 million bond in New York fraud case
Former President Donald Trump and co-defendants in his New York civil fraud case have posted a bond of $175 million, according to a court filing Monday by an insurance company.
The posting brings to an end a six-week ordeal in which Trump scrambled to fend off possible seizure of property or assets stemming from a $464 million judgment by a judge who found he gained hundreds of millions through a yearslong fraud scheme targeting banks and insurers. Trump was required to post bond to avoid enforcement of the judgment pending his appeal.
Alina Habba, an attorney for Trump, said Trump's payment was made "as promised."
"He looks forward to vindicating his rights on appeal and overturning this unjust verdict," Habba said.
The bond was lowered by an appellate court from the $464 million figure to $175 million on March 25, hours after Trump missed a grace period deadline extended by New York Attorney General Letitia James, whose office brought the case.
A spokesperson for James declined to comment. James had indicated her office would pursue Trump's assets if he failed to post bond.
"If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets," she said during a February interview with ABC News.
Attorneys for Trump wrote in a March 18 filing in the case that it was a "practical impossibility" for the defendants to secure the original, near half-billion dollar bond. They said he had been turned down by over 30 surety companies.
"Very few bonding companies will consider a bond of anything approaching that magnitude," wrote the lawyers, Alina Habba, Clifford Robert, Christopher Kise and John Sauer. They noted that surety providers often require collateral up to 120% to guarantee the bond, driving the amount Trump might need over $500 million.
That filing, made on March 18, listed more than 30 companies the Trump Organization said it approached seeking the larger bond, all of whom declined. The one that ultimately provided Monday's $175 million bond, Knight Specialty Insurance Company, was not on that list.
More from CBS News
Related articles
3 officers killed, 5 wounded in Charlotte, North Carolina shootout; a suspect is dead
CHARLOTTE, N.C. (AP) — Three officers on a U.S. Marshals Task Force serving a warrant for a felon wa2024-05-01The 20 best shows to watch On Demand this weekend
A giant of fashion, tiny tigers and some hard truths in Ibiza... there's so much to sink your teeth2024-05-01Ships from Turkey planning to deliver aid to Gaza were denied right to sail
ISTANBUL (AP) — A three-ship flotilla planning to reach Gaza with humanitarian aid from Turkey was p2024-05-01Charli XCX's unearthed Lip Sync Battle is branded 'a virtual declaration of war' and 'a hate crime'
Charli XCX's appearance on Lip Sync Battle has sparked ire among Irish social media users, six years2024-05-01ICJ will rule on Nicaragua's ask for halt on German weapons sales to Israel
THE HAGUE, Netherlands (AP) — The United Nations’ top court is ruling Tuesday on a request by Nicara2024-05-01Rebel Wilson thanks people for 'acknowledging my experiences with Sacha Baron Cohen'
Rebel Wilson is giving thanks to her fans for how they responded to her claims about the actor Sacha2024-05-01
atest comment