NEW YORK — A New York appellate court on Monday halted collection of a $464 million civil judgment against former President Donald Trump and gave him 10 days to post a $175 million bond in the case.
The ruling came on the day Trump hit a deadline to post bond to cover the judgement leveled against him last month by a judge in New York.
AG James: Trump ‘still facing accountability for his staggering fraud’
Update 12:45 p.m. EDT March 25: New York Attorney General Letitia James said in a statement Monday that even with the appellate court ruling, “Donald Trump is still facing accountability for his staggering fraud.”
In the statement, obtained by outlets including CBS News and MSNBC, James said, “The $464 million judgment — plus interest — against Donald Trump and the other defendants still stands.”
Spokesperson for New York AG James:
— Kyle Griffin (@kylegriffin1) March 25, 2024
"Donald Trump is still facing accountability for his staggering fraud. The court has already found that he engaged in years of fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization. The $464…
Trump says he will post bond within 10 days
Update 12:10 p.m. EDT March 25: Speaking to reporters in New York City, where he is attending a hearing in an unrelated criminal case, Trump said he will post his $175 million bond in time to meet the deadline set by the appellate court.
“I greatly respect the decision of the appellate division, and I’ll post either $175 million in cash or bonds or security or whatever’s necessary very quickly within the 10 days,” he said.
The former president also criticized the judge that handed down his initial $464 million judgment, saying he “has done a terrible disservice to the state of New York.”
“Judge (Arthur) Engoron is a disgrace to this country and this should not be allowed to happen,” he said.
Trump attended a hearing earlier Monday in a case involving hush-money payments made to adult film star Stormy Daniels and others in the run-up to the 2016 presidential election. The former president faces dozens of charges of falsifying business records.
The hearing was paused and expected to resume again later on Monday.
Trump can run businesses in New York, appeals court rules
Update 11:40 a.m. EDT March 25: The ruling issued Monday by the appellate court allows Trump, his adult sons and company officials to serve as officers or directors of New York corporations.
As part of his ruling last month, Judge Arthur Engoron barred former President Trump, Donald Trump Jr., Eric Trump, and former Trump Organization executives Allen Weisselberg and Jeffrey McConney from heading New York businesses for as many as three years.
Court rules Trump has 10 days to post $175M bond
Update 11:30 a.m. EDT March 25: A five-judge panel of appellate court judges ordered that New York Attorney General Letitia James refrain from collecting on the $464 million judgment against Trump, his adult sons, his businesses and company officials so long as he posts a $175 million bond within the next 10 days.
Original report: Trump has been appealing the verdict and trying to stop the New York attorney general from collecting on the penalty. His attorneys have argued that securing a bond to cover the massive judgment has proven to be “‘a practical impossibility.’”
Judge Arthur Engoron ordered Trump to pay millions in fines and penalties after finding him, his adult sons, his businesses and Trump Organization officials liable for lying for years about his net worth to get better terms from insurers and lenders. Trump has criticized the ruling, calling it politically motivated and insisting again on Monday morning that he did “absolutely NOTHING WRONG.”
Under New York law, Attorney General Letitia James could have enforced the judgment as soon as it became final last month, The New York Times reported. However, she gave Trump a 30-day grace period, which expires on Monday.
James could still choose to give Trump more time to post the bond, according to The Associated Press.
Last month, the attorney general told ABC News that she is prepared to seize Trump’s assets if he’s unable to cover the fine.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” she told the news network.
Trump has resisted suggestions that he might sell some of his properties in order to cover the fine, saying Monday that he should not “be forced to sell my ‘babies’” due to the ruling and claiming that it was aimed at hurting his bid for the White House.
Trump and President Joe Biden are expected to face-off for a second time in November when voters go to the polls to choose the nation’s next president.
Last week, James’ office took initial steps indicating she might move to seize property from Trump in Westchester County, home to the Trump Organization’s Seven Springs estate and the Trump National Golf Course Westchester, according to CNN and Reuters.
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