Emmanuel OchayiNew York state lawyers and former President Donald Trump’s legal team resolved their clash over a $175 million bond on Monday, cutting short what could have been a lengthy court battle in Manhattan.
Trump’s attorney, Christopher Kise, engaged in a tense back-and-forth with Judge Arthur Engoron during the hearing. Engoron questioned the viability of the bond, prompting Kise to defend its legitimacy, calling the judge’s inquiries “wildly speculative.”
Join our WhatsApp ChannelThe bond, posted by Trump to halt the seizure of his assets following a civil fraud judgment, will remain in a cash account accruing interest. This agreement shields Trump’s assets from potential collection by the state, which seeks to recover over $454 million in damages from a lawsuit filed by the Democratic attorney general.
Andrew Amer, representing New York state, proposed settlement terms early in the hearing, expressing concerns about the source of the bond and seeking additional assurances. Under the settlement, Knight Specialty Insurance, the insurer behind the bond, will maintain control over the funds and refrain from investing them in financial instruments.
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Trump’s attorney, Alina Habba, criticized Judge Engoron’s understanding of financial matters, asserting that the agreement would maintain the status quo with modified terms.
Trump himself criticized Engoron, asserting that the bonding company was reputable and had $175 million of his collateral.
“We came to an agreement that everything would be the same,” Habba stated. “We would modify terms and that would be it.”
The settlement marks a pivotal moment in Trump’s legal battles, as he continues to contest the civil fraud judgment while facing a separate criminal trial.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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