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Former US President Donald Trump will attend a hearing on March 25, 2024 to set his trial date for allegedly covering up hush money payments related to extramarital affairs.
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a Supreme Court of New York on Monday halted a massive civil fraud judgment against former President Donald Trump for 10 days and sharply reduced the bond amount he would have to post to get a longer reprieve on those damages to $175 million.
The ruling came on the same day that New York Attorney General Letitia James would have been allowed to seize Trump’s real estate and bank accounts to satisfy a $454 million corporate fraud judgment in the case.
The five-judge appeals court’s order bars James from doing so for now.
Trump’s lawyers, who had previously suggested bail be set at $100 million, said in a court filing last week that it was “impossible” for him to obtain a $454 million appellate bond after serving more than 30 had approached sureties without success.
Trump’s two adult sons, his company the Trump Organization and two executives who were all co-defendants in the case are owed a total of about $10 million in additional damages.
None of the surety companies were willing to issue a bond without Trump posting cash or other liquid assets, the lawyers wrote in their filing with the Manhattan Supreme Court appeals panel.
Because of the size of the fraud verdict, the companies insisted that Trump demonstrate “cash reserves of nearly $1 billion,” according to his lawyers. But neither Trump nor the Trump Organization has that amount of cash on hand, the filing said.
In its ruling Monday, the appeals court stayed Judge Arthur Enfgoron’s decision that had barred Trump from serving as an officer or director of a New York company for three years and barred him and the corporate defendants from applying for loans in New York. lenders for the same period. The order also stayed the Engoron judge’s ruling, which ruled against Trump’s sons, Donald Trump Jr. and Eric Trump, had been barred from serving as officers and directors of New York companies for two years.
But the appeals court panel rejected a request to block implementation of Engoron’s order, expanding and strengthening the role of a financial watchdog the judge installed to monitor the Trump Organization’s finances.
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The fraud verdict stems from a lawsuit James filed against Trump, his two adult sons, the Trump Organization and two executives.
Engoron, who led the lawsuit, ruled against the Trump defendants in February, saying they submitted “blatantly false financials” to improve Trump’s financial statements and get better terms on loans.
Trump has condemned the verdict, the judge and James, saying he is the victim of a politically motivated attack intended to harm his chances of defeating President Joe Biden in the November election.
Just over a week ago, Trump obtained a $91.6 million appellate bond from a subsidiary of the Chubb insurance company to secure a Manhattan federal civil court defamation judgment against him in favor of E. Jean Carroll, a writer who had accused him of rape.
That bond, which was secured by a Trump securities account, will prevent Carroll from collecting a more than $83 million judgment from Trump while his appeal is pending.
Chubb had discussed issuing a second bond to Trump for his fraud case, and was initially willing to consider a mix of liquid assets and real estate as collateral, said Alan Garten, a lawyer for the Trump Organization.
But Chubb withdrew from those talks last week, Garten said in court Monday. Chubb’s departure came after it was publicly revealed that Trump had obtained his bail in Carroll’s case from the firm.
Chubb CEO Evan Greenberg wrote a letter last week to investors, customers and brokers who had raised concerns about the Carroll-related bond.
“When Chubb issues an appellate bond, it does not adjudicate the claims, even if the claims involve alleged reprehensible conduct,” Greenberg wrote.
“As a guarantor, we do not take sides,” he said.
“It would be wrong for us to do that and we are in no way supporting the defendant. We support and are part of the justice system involved in this case.”
This is the latest news. Check back later for updates.
