A New York appeals court has made a significant reduction in the bond required for the business fraud case involving former President Donald Trump. Instead of the initially demanded $464.576 million, Trump, along with his two sons, a business associate, and associated organizations, now has a ten-day window to fulfill a bond of $175 million, as reported by Xinhua news agency referencing a ruling by an appellate panel under the New York Supreme Court.
This development is widely perceived as a victory for Trump, potentially shielding his assets from seizure by New York Attorney General Letitia James, the plaintiff in the business fraud case. Trump expressed his respect for the decision on Monday and assured prompt arrangements for the required cash or bond.
Trump's legal representatives had argued before the appeals court that posting the full bond was unfeasible and suggested a reduced bond of $100 million instead. However, despite the reduction in the bond amount, the judgment against Trump and other defendants, totaling $464 million plus interest, remains valid, according to a spokesperson from the New York Attorney General's office.
The original ruling, issued by Judge Arthur F. Engoron of New York County Supreme Court on February 16, imposed substantial penalties on Trump and co-defendants. Additionally, the appeals court has suspended enforcement of certain other provisions of the previous ruling, particularly those concerning restrictions on the defendants' business operations and loan applications in New York.
In a separate development, Judge Juan Merchan in New York announced that the criminal trial against Trump for election interference is slated to commence on April 15, starting with jury selection. Earlier plans to initiate the trial on March 25 were scrapped, as Merchan dismissed Trump's motion to dismiss the indictment entirely or further postpone the trial.
Trump, who was arraigned in early April 2023, faces allegations of falsifying business records during the 2016 presidential campaign to facilitate "hush-money" payments to adult film actress Stormy Daniels, purportedly to silence her about an alleged sexual encounter with Trump before his presidency.
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