2024-03-27 01:38:15
Former President Donald Trump has promised to post $175 million bail following a 68% reduction in a civil fraud lawsuit in New York. The appeals court granted this reduction, providing a crucial financial lifeline amid legal action against him.
This decision comes as Trump faced a deadline to pay the full $454 million verdict or provide a standard bond for 120% of the judgment to stay the action while he appeals. The bail reduction represents significant relief, since the former president would have had to pay almost $545 million, a larger amount than he had available.
You can read: Captured for terrorism in Russia, they accepted their guilt in the attack
Trump, who is seeking a return to the White House, has stated that he will comply with the reduced bail within the next 10 days, as ruled by the court. The appeals court’s decision has not been explained publicly.
This news comes amid another legal case Trump is involved in in Manhattan, where he faces accusations of falsifying business records before the 2016 election. Despite this financial setback, Trump has expressed gratitude to the court for its quick action and has stated that he will continue with his appeal.
The bail reduction prevents state authorities from seizing Trump’s assets for nonpayment, which would have included skyscrapers and golf courses. Trump celebrated the decision as a success, noting that it allows him to continue his campaign without being forced to sell properties.
This legal development follows a verdict handed down in February, where Trump was held responsible for inflating the value of his assets to obtain better loan terms. Despite the bail reduction, Trump still faces liability for the fraud, according to New York Attorney General Letitia James.
Trump, who faces multiple legal proceedings, has indicated that he will spend a substantial amount of his available cash on his November election campaign. Although this reduction in bail eases his financial burden, his legal problems continue.
You may be interested in: Terrorist attack in Moscow: more than 140 people killed