A New York appeals court on Monday reduced the bond amount in Donald Trump’s civil fraud case and extended the deadline to pay.
The panel of state Appellate Division judges reduced the bond amount to $175 million, down from the $464 million and gave the former president 10 days to pay.
The ruling is a victory for Trump whose lawyers argued in a filing last week that coming up with the $464 million bond was a “practical impossibility.”
Monday’s ruling also put a stay on the part of the original judgment handed down by Judge Arthur Engoron last month that barred Trump, his two eldest sons and two executives from the Trump Organization from serving as a public officer of a company.
“We are extremely pleased with the ruling issued by the Appellate Division,”Trump’s lawyer Alina Habba said in a statement to NBC News. “This monumental holding reigns in Judge Engoron’s verdict, which is an affront to all Americans. This is the first important step in fighting back against Letitia James and her targeted witch hunt against my client which started before she ever stepped foot in office.”
Attorney General Letitia James’ brushed off the ruling, saying the initial judgement still stands.
“Donald Trump is still facing accountability for his staggering fraud,” the AG’s office said. “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 million judgment — plus interest — against Donald Trump and the other defendants still stands.”
