A New York state appeals court has granted former President Donald Trump a temporary stay, halting the collection of a staggering $454 million civil fraud judgment against him.
The decision comes as a significant relief to Trump, who faced the imminent threat of seizure by authorities in New York.
The court’s ruling, issued Monday, extends Trump’s lifeline by pushing back the payment deadline and reducing the bail required for him to appeal the verdict. Trump, who initially faced the daunting task of raising $454 million in a short time frame, now has 10 days to post a significantly reduced $175 million bond.
Trump’s legal team has argued vehemently that the initial bond amount was excessive and beyond his immediate financial reach. They argued that it would be impractical to secure such a substantial sum in the given time frame. The revised bond and extended deadline offer Trump relief from the imminent threat of asset forfeiture, giving him crucial room to defend himself.
The civil fraud case against Trump stems from allegations that he overstated his net worth to deceive investors and creditors. Despite being found guilty of fraudulent misrepresentation, Trump continues to maintain his innocence and calls the trial politically motivated.
In response to the court’s ruling, Trump confirmed his intention to comply with the ruling and said his legal team would immediately secure the required bond or equivalent securities. Meanwhile, New York Attorney General Letitia James remains determined to pursue accountability for what she describes as Trump’s “stunning fraud.”
The timing of this legal victory is particularly significant for Trump, who is gearing up for a potential presidential bid in 2024. But his aspirations are overshadowed by growing legal problems that have incurred significant legal expenses.
