Former President Trump’s attorney and New York prosecutors have settled their differences over his bond in the state’s civil fraud case against the former president and his business.
The deal was struck during a hearing Monday morning, where Judge Arthur Engoron was slated to hear arguments on whether Trump’s $175 million bond should be voided. Attorneys for Trump and the Knight Specialty Insurance Company, the surety company that put up the bond, agreed to keep the $175 million in a cash account.
The surety company will have exclusive control of the account and will, along with Trump, provide a monthly account statement that reflects 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 moved to appeal the staggering $464 million judgment levied against him. Days later, the New York attorney general’s office questioned the qualifications of the Knight Specialty Insurance Company for posting the bond.
The New York attorney general’s office then asked Engoron on Friday to void the bond, saying Trump and his co-defendants failed to prove that the surety company had the actual money to back it.
The hearing on the matter started at 10 a.m. Monday but was cut short after the two parties came to an agreement. The Associated Press reported Trump attorney Christopher Kise expressed frustration at times during the hearing about the office of New York Attorney General Letitia James (D).
“It appears that no matter what we do they’re going to find fault with it,” Kise said.
Andrew Amer, an attorney for the state of New York, proposed a settlement agreement after he began to talk during the hearing and emphasized that the state wanted assurances on the bond, according to AP.
The hearing started as opening statements in Trump’s separate hush money trial in Manhattan were underway. The court for the hush money trial adjourned Monday afternoon after opening statements concluded and after prosecutors called their first witness to the stand.
Trump attorney Alina Habba spoke to reporters about the agreement in the hallway outside the hush money court room Monday.
“We came to an agreement that everything would be the same. We would modify terms and that would be it,” she said.
The Associated Press contributed.