The attorneys for former President Donald Trump affirmed that his $175 million bond posted in connection with the ongoing civil fraud case in New York is financially sound. They have requested that the judge consider New York Attorney General Letitia James‘s challenge to the bond invalid. Additionally, Trump’s legal team is asking the former President to be awarded costs and fees for having to produce additional documents to comply with James’s challenge of the bond.
A Monday night court filing by Trump‘s attorneys disclosed that the bond, secured through Knight Specialty Insurance Company (KSIC), is fortified by the former President’s Charles Schwab account, boasting over $175 million in cash. In case of any assumed risk, KSIC is covered fully by its parent company, Knight Insurance Company, LTD.
Gregory Serio, the previous superintendent of insurance for New York and partner at Park Strategies, stated that KSIC’s bond is reliably secure, dismissing Attorney General James‘s objections about the underwriter’s financial stability.