CNS News– In a significant legal setback for former President Donald Trump, a New York appeals judge has rejected his request to pay only $100 million of the $454 million judgment imposed in a New York fraud trial. Trump’s attempt to mitigate the financial consequences of the ruling has been met with resistance from the judicial system.
Trump’s legal team had sought to halt the collection of the majority of the judgment amount and the accompanying restrictions on his financial activities while his appeal is pending. However, Judge Anil Singh’s ruling demonstrated limited sympathy for Trump’s position, allowing only certain aspects of the judgment to be stayed for three years.
The exorbitant nature of the judgment, coupled with prohibitions on Trump’s ability to obtain new loans from New York banks and serve as an officer of a New York company, posed significant challenges to fulfilling the requirements for a complete bond. Despite Trump’s claims of insufficient liquid assets to satisfy the judgment, the New York Attorney General’s office maintained that he had not provided evidence to support this assertion.
New York appeals judge denies Trump bid to pay $100m of $454m judgment https://t.co/avxcTguGYd
— Guardian Business (@BusinessDesk) February 28, 2024
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The judgment against Trump stemmed from findings by Judge Arthur Engoron, who determined that Trump and his company engaged in a years-long scheme to deceive financial institutions and insurers by inflating his wealth. In addition to financial penalties, the judge imposed stringent limitations on the Trump Organization’s business activities.
Trump’s appeal, filed within the required timeframe, contests the legal basis of Engoron’s decision and alleges errors of law and fact in the judgment. Despite the appeal, Trump remains obligated to satisfy the judgment unless a stay is granted by March 25. Trump’s substantial personal legal liabilities, which include the judgment from the fraud trial and other civil court rulings, underscore the magnitude of the financial challenges he faces.