:quality(85)/cloudfront-us-east-1.images.arcpublishing.com/infobae/B37DUQKOJW36Z2RFA27TMUZLCQ.jpg "The Prosecutor’s Office and Trump’s lawyers reached an agreement to validate the bail in the tax fraud case")
Lawyers for former President Donald Trump and New York state have reached a resolution over a $175 million bond that Trump posted to avoid a civil fraud conviction while he appeals the case. The agreement, made during a 20-minute break, will see the money kept in an interest-bearing cash account with no downside risk.
The bond was posted to prevent the state from seizing Trump’s assets to satisfy the $454 million he owes after losing a court case alleging fraud. Trump has denied the accusations and has appealed the ruling.
During Monday’s hearing in Manhattan, Judge Arthur Engoron discussed the case with Trump’s lawyer, Christopher Kise, and also expressed frustration with New York prosecutor Letitia James.
As part of the settlement, Knight Specialty Insurance Company will have exclusive control of the $175 million and will not be able to move the money into other financial instruments. Trump’s lawyer, Alina Habba, expressed satisfaction with the agreement, while Trump himself criticized the judge for not understanding the case.
The development comes as the legal battle between Trump and the state of New York continues. The $175 million bond will remain intact as Trump seeks to overturn the ruling against him.