Trump's former lawyer and New York prosecutors have resolved their disagreements over his bond in the state's civil fraud case against the ex-president and his business.
The agreement was made during a hearing on Monday, where Judge Arthur Engoron was supposed to hear arguments about whether Trump's $175 million bond should be canceled. Trump's attorneys and Knight Specialty Insurance Company, the surety company that provided the bond, decided to keep the $175 million in a cash account.
The surety company will have full control of the account and, along with Trump, will provide a monthly account statement showing the $175 million in cash.
Trump posted a $175 million bond in his civil fraud case on April 1 to avoid a possible seizure of his assets, as he appealed the $464 million judgment against him. However, the New York attorney general’s office raised concerns about the qualifications of the Knight Specialty Insurance Company that issued the bond.
The New York attorney general’s office then requested Engoron on Friday to cancel the bond, arguing that Trump and his co-defendants had not proven that the surety company had the actual money to support it.
The hearing on the matter began at 10 a.m. Monday but ended quickly once the two parties reached an agreement. The Associated Press reported that Trump's lawyer Christopher Kise expressed frustration during the hearing over the actions of New York Attorney General Letitia James (D).
“It seems that no matter what we do, they’re going to criticize it,” Kise said.
Andrew Amer, a lawyer for the state of New York, suggested a settlement agreement after he spoke during the hearing and stressed that the state wanted assurances about the bond, according to AP.
The hearing began as opening statements were being made in Trump’s separate hush money trial in Manhattan.The court for the hush money trial adjourned on Monday afternoon after opening statements and the first witness.
Trump's lawyer Alina Habba discussed the agreement with reporters outside the hush money court room on Monday.
“We agreed that everything would stay the same. We would make some changes to the terms, and that's it,” she said.
The Associated Press contributed.
