Washington, DC – New York Attorney General Letitia James has taken steps to gather more information on former President Donald Trump’s bond for the civil fraud case as issued by Knight Specialty Insurance Company.
James filed a notice on Thursday expressing concerns about the sufficiency of the surety provided by KSIC, a company not admitted in New York. She has requested Trump’s team or KSIC to justify the surety bond or provide additional details on collateral within a 10-day period.
The $175 million bond, fully backed by cash from Trump’s company, was posted earlier in the week by Don Hankey, the chairman of KSIC. Despite this, neither KSIC nor Trump’s lawyers have responded to requests for comments from NBC News or the New York attorney general’s office.
Previously, Hankey was in negotiations to secure a $557 million bond with the Trump Organization, but a state appeals court ruling on March 25 reduced the amount to $175 million. Trump’s attorney, Alina Habba, expressed confidence in appealing the verdict and overturning what they deem as unjust.
In February, Trump’s legal team appealed a $464 million civil fraud judgment against him and his company. If the appeal is unsuccessful, Trump could be held accountable for the entire sum mandated by Judge Arthur Engoron’s ruling entered earlier in the year.
A bond hearing for the civil fraud trial is set for April 22. This marks the latest development in the legal saga surrounding Trump and his business dealings, with ongoing legal battles and appeals shaping the future course of the case.