Trump, New York AG resolve dispute over $175M bond in civil fraud case New York AG Letitia James had argued that the bond should be rejected. April 23, 2024
But attorneys for the former president managed to avoid that fate – for now – by acquiescing to several stipulations proposed by the attorney general’s office.
James’ office had expressed concern with “awkward language” in the bond agreement that might allow the defendants, or their surety, to swap the cash bond with a “less secure” form of collateral, like mutual funds or other assets that can fluctuate in value.
Andrew Amer, a prosecutor with the attorney general’s office, described that possibility as a “huge loophole … that quite frankly you could drive a Mack Truck through.”
Amer proposed five conditions that would satisfy the state’s concerns, including a pledge to maintain the bond account with cash, and a stipulation to grant the surety, Knight Specialty Insurance Company, exclusive control of the account.
After a 20-minute break, Trump attorney Chris Kise agreed to the state’s proposed conditions. Kise had readied two witnesses to provide evidence on Monday, but the parties managed to negotiate their deal before any testimony was delivered.
Engoron accepted the new conditions, and Kise said the parties would enter a formal agreement into the court docket by Thursday, if not sooner.
