New York AG Letitia James asks judge to void Trump's bond in his civil fraud verdict
New York Attorney General Letitia James on Friday asked that a judge void former President Donald Trump's bond in his civil fraud case, questioning whether the company that issued it has the funds to back it up.
New York Attorney General Letitia James on Friday asked that a judge void former President Donald Trump's bond in his civil fraud case, questioning whether the company that issued it has the funds to back it up.
In a 26-page filing ahead of a pre-scheduled hearing on Monday, James expressed concern about whether Knight Specialty Insurance Company could secure the $175 million bond. She also argued that the collateral put up by the former president should be under the full control of the company.
One of James' concerns about KSIC is that the insurer "is not authorized to write business in New York and thus not regulated by the state’s insurance department." She added that the company "had never before written a surety bond in New York or in the prior two years in any other jurisdiction, and has a total policyholder surplus of just $138 million."
James also criticized Trump's team's apparent hold on the collateral put up to back the bond.
"KSIC does not now have an exclusive right to control the account and will not obtain such control unless and until it exercises a right to do so on two days’ notice," she wrote.
Rating: 5