New York Attorney General Letitia James requested on Friday that a judge invalidate the bond posted by former President Donald Trump in his civil fraud case on the grounds the company that issued it does not have the necessary collateral to back it up.
In February, Manhattan Judge Arthur Engoron levelled a $464 million penalty on the former president after he, The Trump Organization, and his adult sons were found guilty of financial fraud. In March, an appeals court lowered the bond amount to $175 million.
In the Friday filing, lawyers from the attorney general’s office state that California-based Knight Specialty Insurance Company (KSIC) is a “small insurer that is not authorized to write business in New York.”
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