New York appeals court slashes bond in Trump business fraud case
New York, March 26: An appeals court in New York has cut the bond in US former President Donald Trump's business fraud case by more than half and granted a ten-day period for coming up with the smaller bond.
Trump, his two sons, one business associate and business organizations need to fulfil a bond of $175 million within ten days rather than paying a total of $464.576 million, Xinhua news agency reported, citing a ruling by an appellate panel under the New York Supreme Court.
The latest ruling is seen as a win for Trump and his assets probably will avoid being seized by New York Attorney General Letitia James, the plaintiff in Trump's business fraud case.
Trump said on Monday that he respected the decision, and cash or a bond would be put up very quickly.
Earlier, Trump's lawyers told the appeals court that it was impossible to post the bond in full and proposed a bond of $100 million instead.
The judgment of $464 million plus interest against Trump and the other defendants in the case still stands, according to a spokesperson with the New York Attorney General's office.
Arthur F. Engoron, a judge of New York County Supreme Court, delivered the decree on February 16 with heavy punishment against Trump and other defendants.
The appeals court also stayed the enforcement of some other parts of the previous ruling centring on barring defendants from doing business and applying for loans in New York.
Meanwhile, Juan Merchan, another judge in New York, said on Monday that the criminal trial against Trump regarding election interference will begin on April 15 with jury selection.
Earlier, Merchan planned to begin the trial on March 25 but dismissed Trump's motion to toss out the indictment altogether or delay the trial further on Monday.
Arraigned in the case in early April 2023, Trump faces charges that he falsified business records during the 2016 presidential campaign to make "hush-money" payments to porn star Stormy Daniels and keep her quiet about an alleged sexual encounter with Trump before.