Donald Trump, the embattled former US president, secured a $175 million bond in his New York civil fraud case on Monday, averting a $454 million penalty while his case is being appealed.
Last Monday, a New York appeals court reduced his original bond payment of $454 million to $175 million and gave him 10 days to pay the smaller amount.
Before last week’s ruling, Trump was liable for $454 million, the majority of the fraud judgment, but the amount he owed was increasing by more than $111,000 per day due to interest.
Trump’s attorney, Alina Habba, said Monday that the former president would be vindicated on appeal.
“As promised, President Trump has posted bond. He looks forward to vindicating his rights on appeal and overturning this unjust verdict,” Habba said in a statement.
If Trump loses his appeal, he will be forced to pay more than $450 million in a judgment arising from New York Attorney General Letitia James’ fraud lawsuit.
A judge determined that Trump and key executives at the Trump Organization had purposefully inflated his assets in financial statements, allowing him to claim favorable loan and insurance rates that he was not entitled to.