CNN —Lawyers for former President Donald Trump said his $175 million bond posted to satisfy the judgement in the New York civil fraud case is financially sound, and they asked the judge to set aside the attorney general’s challenge to the bond and award him costs and fees.
In court filings Monday night, Trump said the bond secured by Knight Specialty Insurance Company is backed by Trump’s Charles Schwab account with more than $175 million in cash.
“KSIC also has a standing agreement with its parent company, Knight Insurance Company, Ltd. (‘KIC’), by which KIC reinsures 100% of KSIC’s risk,” the affirmation said.
“The $175 million bond at issue is adequately secured.”Earlier this month, the attorney general’s office challenged the financial ability of the underwriter to be able to stand in for the bond.
The attorney general’s office questioned whether Knight Specialty was authorized to underwrite a surety bond in New York state and whether it lacked a certificate from the state regulator saying it is qualified.
Persons:
Donald Trump, Trump, Trump’s Charles Schwab, Schwab, Gregory Serio, “ KSIC, Arthur Engoron, ”
Organizations:
CNN, Knight Specialty Insurance, DJT Trust, Knight Insurance Company, Ltd
Locations:
New York