Trump's $175 million bond in New York civil fraud judgment case is settled with cash promise

Release time：2024-05-07 23:21:50 Source：Culture Connection news portal

NEW YORK (AP) — New York state lawyers and an attorney for former President Donald Trump settled their differences Monday over a $175 million bond that Trump posted to block a large civil fraud judgment while he pursues appeals.

The agreement cut short a potential day-long court hearing in Manhattan that was to feature witnesses.

As part of a deal struck during a 20-minute recess, lawyers for Trump and Knight Specialty Insurance Company agreed to keep the $175 million in a cash account that will gain interest but faces no downside risk. The account so far has grown by over $700,000.

The bond stops the state from potentially seizing Trump’s assets to satisfy the more than $454 million that he owes after losing a court case brought by the Democratic attorney general. She had alleged that Trump, along with his company and key executives, defrauded bankers and insurers by lying about his wealth.

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