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World News March 20, 2024

Trump fails to secure bond for $454 million judgment in civil fraud case

Donald Trump’s attempts to secure a bond covering a $454 million judgment in a New York civil fraud case have hit a roadblock, with 30 surety companies rejecting his efforts, as per his lawyers on Monday. This refusal brings him closer to the prospect of having his properties seized. The former president is now required to either pay the sum personally or post a bond to prevent the state from seizing his assets while he appeals the February 16 judgment against him for allegedly misrepresenting property values to deceive lenders and insurers. Despite efforts involving four brokers, Trump, along with his children and other Trump Organization executives, failed to secure a bond. If Trump loses his appeal and cannot pay, the bonding company would be liable for any payout. This legal battle, initiated by New York State Attorney General Letitia James in September 2022, adds to Trump’s other ongoing legal challenges as he considers a rematch with Democratic President Joe Biden in the upcoming November 5 election. Trump, denying any wrongdoing, has pledged to appeal the judgment, which poses a threat to his family’s real estate empire. He faces a deadline of March 25 to post cash or a bond, after which the state could seize some of the Trump Organization’s assets to ensure James can collect. Trump’s lawyers have sought a delay in enforcement of the judgment, arguing its amount is excessive, but it remains uncertain when the mid-level state appeals court, known as the Appellate Division, will make a ruling.

Source – CGTN

Photo Credit – Reuters

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