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Appellate Court Orders Trump to Pay $454 Million in Full Following New York District Court Ruling

Appellate court orders Trump to pay in full after New York district court ruling ordered payment./Shannon Stapleton/Pool/Reuters via CNN Newsource

2024.02.29 Thu posted at 11:36 JST

(CNN) A state appellate court judge on Thursday ruled on the $454 million (approximately 68 billion yen) payment ordered by a New York state court from former US President Donald Trump in a civil suit over inflated asset values. It was decided that the entire amount would have to be raised. However, the ban on Mr. Trump from receiving loans from financial institutions in the state was lifted. This could allow him to raise his money through access to his own assets.

On the same day, Mr. Trump petitioned a New York appellate court to postpone the payment until the appeal was finalized, but the appeals court rejected the request after an emergency hearing that lasted about 20 minutes.

Trump’s lawyers said in a filing that the ordered payments are unprecedented and punitive. He further argued that “the judgment is an overreaching order without any legal basis or factual support.”

The decision could give Mr. Trump new avenues to raise money, but he still needs to find lenders willing to provide significant amounts of capital.

Mr. Trump’s lawyers told a judge that he would need to raise more than $550 million to cover the ordered payments. Bond underwriters demand about 120% of the payments ordered by the judgment and often require easy-to-sell assets such as cash, stocks or bonds as collateral.

An appeals court judge did not overturn a state court’s decision to continue serving as an independent monitor of the Trump Organization, which is run by the Trump family, for three years. He also ordered the creation of an independent compliance director. Trump had asked for a delay in creating a director, but he rejected that request.

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2024-02-29 02:36:00

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