On Monday, a judge decisively ruled in favor of Trump in a legal battle over a $175 million bond, dealing a blow to Letitia James.
Last Friday, Letitia James pressured the judge to invalidate the $175 million bond that Trump posted to appeal the civil fraud case.
Letitia James contended that Knight Specialty Insurance Company (KSIC), based in California, is not authorized to conduct business in New York.
James also raised concerns about whether KSIC has the financial resources to support the $175 million bond that Trump had previously posted.
“Based on KSIC’s policyholder surplus in its most recent annual financial statement of $138,441,671, the limitation of loss on any one risk that KSIC is permitted to write is $13.8 million,” Letitia James’ office wrote in a 26-page filing. “The face amount of the bond exceeds this limitation by $161.2 million.”
James also argued in her filing: “KSIC is not qualified to act as the surety under this standard because its management has been found by federal authorities to have operated affiliated companies within KSIC’s holding company structure in violation of federal law on multiple occasions within the past several years.”
“KSIC does not now have an exclusive right to control the account and will not obtain such control unless and until it exercises a right to do so on two days’ notice,” James’ office wrote in the filing.
Letitia James requested the judge to nullify Trump’s bond and mandate him to post a new bond within 7 days of the court’s ruling.
On Monday, the judge ruled against Letitia James, affirming that Trump’s $175 million bond would remain valid.
WATCH:
Fox News: Court rules Trump $175 million bond stands pic.twitter.com/se9KBxVP9d
— The Post Millennial (@TPostMillennial) April 22, 2024
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