Donald Trump has secured a $175 million bail from an insurance company, preventing the former president from having his assets seized while he appeals a lawsuit in New York.
Knight Specialty Insurance has posted bail for former US President Donald Trump in a civil lawsuit in New York state, after an appeals court judge last week ruled that Trump had 10 days to post the money, court documents showed on April 1.
With the former president out on bail, New York Attorney General Letitia James is now unable to seize the $464 million he was fined. The ruling banning Mr Trump’s businesses in New York was also invalidated on appeal.
Former President Donald Trump speaks in Palm Beach, Florida on March 19. Photo: AP
New York Judge Arthur Engoron ordered former President Trump to pay $355 million in fines in February for allegedly inflating the value of his assets to get favorable loans or insurance terms. With interest, the total fine is $464 million.
In addition to the financial penalties, Mr. Trump and Trump Organization executives are also banned from holding senior leadership positions at any New York business for several years.
Mr. Trump has challenged the court’s decision and filed an appeal, but the law requires him to pay the fine while awaiting the outcome of the appeal. If the appeal is successful, the fine will be returned to the former president.
The New York Court of Appeals on March 25 agreed to reduce the former president's bail of a $464 million fine to $175 million and the entire judgment will be suspended if Mr. Trump posts bail. Before this ruling, Mr. Trump faces the risk of having to sell off his real estate or have his assets seized by the New York government.
Alina Habba, Mr. Trump's lawyer, said on April 1 that the former president would be vindicated after appealing. "As promised, former President Trump has paid the money. He wishes to be vindicated and overturn this unjust verdict," Habba said.
Mr. Trump, 77, is beset by a series of legal problems. However, he still receives support from the majority of the Republican Party and will become the party's candidate in the November presidential election. According to Forbes ' estimate on April 1, he owns a fortune of 5.7 billion USD.
Huyen Le (According to Hill , NBC , AFP )
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