Donald Trump wins victory over Letitia James

The New York attorney general's office and Donald Trump's lawyers reached a deal Monday, allowing the former president's $175 million bail to continue under certain conditions. It was a victory for Trump, but James' office was ultimately satisfied with the outcome.

On Friday, Attorney General Letitia James asked New York Judge Arthur Engoron to invalidate the bond provided by California-based Knight Specialty Insurance Company (KSIC) on the grounds that it was “not regulated by the Department of Insurance.” of the State” and that she “had never before posted a bond in New York or within the preceding two years in any other jurisdiction.

“Despite another misguided and desperate protest from the Attorney General, President Trump is pleased that the court has determined that the $175 million he posted in cash is worth $175 million, and that the form of bond used in the New York's justice system for a century is actually acceptable,” Trump's lawyer, Christopher Kise, told Newsweek via email.

Donald Trump arrives at Trump Tower on April 19, 2024 in New York. Former president gets his $175 million bond accepted for civil fraud appeal. Donald Trump arrives at Trump Tower on April 19, 2024 in New York. Former president gets his $175 million bond accepted for civil fraud appeal. David Dee Delgado/Getty Images The context

Engoron ruled in March that Trump must pay $454 million, including $355 million in penalties and nearly $100 million in interest.

The former president and presumptive Republican presidential nominee's liability stems from a civil fraud lawsuit that James filed in 2022 against Trump, his adult sons and the Trump Organization, accusing them of inflating Trump's net worth. former president and the value of his properties to obtain a better loan. and insurance conditions.

Before heading into Monday's trial in Manhattan in his hush money criminal case involving financial payments allegedly made to adult film actress Stormy Daniels before the 2016 election, which Trump denies , he went to the press and blasted James.

“I put up $175 million in cash, but she said the bail bond company was no good…No one is going to listen or come to New York,” Trump said. “Businesses are going to flee because people are being treated so badly. This has got to be the most hostile place to do business.”

He called her “the worst attorney general in the country.”

What we know

On Friday, James urged Engoron to vacate the $175 million bond the ex-president posted to appeal his civil trial in New York.

In the legal filing, the attorney general argued that Trump's pledge to 'verify' his collateral if necessary by adding funds from a Schwab brokerage account is 'nothing more than a promise' and “without any legal effect” because the former-President cannot legally “be his own guarantor”.

Trump and KSIC previously filed a motion supported by several documents that they said demonstrated the bond was financially sound and backed by the former president's money earlier this week, while arguing that James had objected to wronged the surety and urging Engoron to make him pay the associated legal costs. .

On Monday, Engoron asked Trump lawyer Christopher Kise if Schwab was breaking the deal.

“Your assumption calls into question the veracity of one of the world's largest financial institutions,” Kise responded, according to Law 360 reporter Rachel Scharf.

AG's attorney, Andrew Amer, reportedly responded by asserting that the problem with the Schwab guarantee was that “although the funds are in cash today, under the terms of the pledge agreement and the pledge agreement control, they can be exchanged for less secure collateral such as mutual funds.

The two sides agreed to a compromise in which Trump's legal team would keep the Schwab account in cash and give KSIC sole control of the account.

A source in James' office told Newsweek via email that Trump “granted the Attorney General's requests” to resolve the bond issues.

Other provisions of the agreement include:

The $175 million in collateral will remain in the form of cash and will not be exchanged for mutual funds or other financial instruments. The money can't go anywhere else, like a safe. Trump and KSIC will provide a monthly account statement (reflecting $175 million in cash) to James' office and the court. The agreement between Trump and KSIC cannot and will not be amended without court approval. KSIC will submit to the jurisdiction of the Supreme Court of the State of New York in New York County and waive its right of removal (to bring a case in federal court or other jurisdiction) and officially designate an agent of procedure in New York. This means that the KSIC, although based in California, will officially designate an individual capable of accepting legal services on its behalf in New York.

Neama Rahmani, a former federal prosecutor and president of the law firm West Coast Trial Lawyers, told Newsweek by telephone that the decision surprised him.

“Basically, [Trump’s] put money in and frankly, it's even better than a bond,” Rahmani said. “As long as he keeps the money in the account, there's nothing Letitia James can say or do. His hands were really tied to it. »

The fact that the attorney general's office has arranged for Knight to handle bail presents a fairly “airtight” resolution to the case, he added, and there is little else James can do in this situation if he wishes due to the full liquidity provided by Atout.

And after

This agreement should close the chapter of the civil fraud case.

Updated 4/22/24, 3:20 p.m. ET: This story has been updated with comment from Trump attorney Christopher Kise.

Uncommon knowledge

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