Rachel Scharf
@rscharf_
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New York courts reporter @Law360 . Send tips to rachel.scharf @law360 .com. She/her.
New York, NY
Joined June 2019
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“Mr. Bankman-Fried, would you agree that you know how to tell a good story?" asks Sassoon.
“I don’t know, it depends on what metric you use," responds the ever-mathematical SBF.
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Big Trump day for
@Law360
. While
@frankrunyeon
and
@stewartbishop
cover openings in Donald Trump's NY criminal trial, I'm next door in civil court for args over the sufficiency of Trump's $175M bond to secure the NY AG's $465M fraud judgment pending appeal.
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AGREEMENT REACHED: Kise says they'll agree to maintain the Schwab account in cash and give Knight exclusive control of the account. Under a previous agreement, a Trump trust shared control. Seems like this will moot the AG's challenge to the bond.
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As everyone’s heard by now, the verdict is guilty on all counts. I was in the courtroom for the reading. SBF showed little emotion, but Joe Bankman slumped over and Barbara Fried visibly cried. As SBF was led out by court marshals, he looked back at his parents and was shaking.
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Andrew Amer says "the AG is fine with all these conditions stipulated on the record."
Judge accepts it, and court is adjourned.
Thanks for following along folks, despite the anticlimactic ending!
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Amer proposes a settlement of sorts: Trump team agrees to keep everything in cash and a few other provisions, and they'll drop the challenge. Kise says this seems doable.
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@Law360
@frankrunyeon
@stewartbishop
Engoron seems dubious of relying on Charles Schwab to maintain $175M of collateral:
"What if they break the agreement?” he asks.
"Your hypothetical is calling into question the veracity of one of the largest financial institutions in the world," responds Trump atty Chris Kise.
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Now AG lawyer Andrew Amer is up. He says the problem with the Schwab collateral is that "while the funds are cash today, under the terms of the pledge agreement and control agreement they can be swapped out for less secure collateral like mutual funds."
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VERDICT: Somewhat mixed, but crux is NRA is liable for almost everything, LaPierre must repay $4.4M, and Phillips must repay $2M.
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@Law360
@frankrunyeon
@stewartbishop
Kise tells Engoron that even if the bond falls thru (which won't), there's a sold backup for collecting on the judgment:
“There's hundreds of millions of dollars worth of real estate that the defendants own right here in the city that could be seized with the stroke of your pen"
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We're taking a 20 minute break for them to discuss a possible agreement. Stay tuned.
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Kise adds it's "ironic" for AG, who wants Trump Org booted from NY, to complain Knight is out of state.
"It appears no matter what we do, they’re going to find fault with it... President Trump effectively wrote a check for $175M and put it in an account. It’s not going anywhere”
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BREAKING: Sam Bankman-Fried's lawyer Mark Cohen just told Judge Kaplan that the defendant will testify in his own defense. More TK
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The jury also found cause to remove LaPierre (but not Frazer) -- meaning that Justice Cohen will now decide whether to permanently ban LaPierre from returning to the NRA or another NY nonprofit.
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Bankman-Fried on deciding to put FTX's name on the Miami Heat arena rather than pursue another lead in Kansas City:
“With no offense to the Royals, I didn’t want to be known as the Kansas City Royals of crypto exchanges.”
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My personal favorite part of the government's Sam Bankman-Fried sentencing submission. This is in Exhibit D, an SBF google doc under the heading "People who might be helpful."
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If you're interested in specifics, the following graphics break down each defendant's liabilities. Warning, they are NOT aesthetically pleasing.
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I’m now outside the courthouse, waiting for US Attorney Damian Williams to give a statement. It’s rare for the top prosecutor to speak on the steps of the courthouse
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BIG UPDATE: The Manhattan DA's office says they hope to retry Harvey Weinstein, rather than just let him serve his 16-year sentence in LA.
“We will do everything in our power to retry this case, and remain steadfast in our commitment to survivors of sexual assault" says a spox.
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some professional news - I'm now a New York court reporter for
@law360
! Excited for this new challenge, and to work with
@PeteBrush
@stewartbishop
and
@frankrunyeon
at the Manhattan and Brooklyn courthouses. Send tips my way to rachel.scharf
@law360
.com
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A poster left in Collect Pond Park reads “The Ponzi Papers .” That leads you here.
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Justice Kern DENIED Trump's bid to stay the trial while the gag order is weighed. A full appellate panel will now decide Monday (same day jury selection is set to begin) whether to delay the trial. Then, the actual merits of the gag order will be considered later in the month.
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Alina Habba now begins her cross-exam of Carroll. It gets off to a rocky start, with Judge Kaplan scolding Habba for reading from Carroll's deposition transcripts before providing the court with a page and line.
"We’re going to do it my way in this courtroom," says Kaplan.
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Now in SDNY: jury selection for Bruce Garelick, charged with insider trading on Truth Social's SPAC deal.
"Whether one likes Mr. Trump, doesn't like Mr. Trump, likes Truth Social, doesn't like Truth Social, has nothing to do with the charges in this case," says Judge Lewis Liman
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"It’s profoundly disappointing that our verdict was overturned over additional testimony that had so little influence on our deliberations," writes juror
#11
in Harvey Weinstein's trial. "It’s simply incorrect that Weinstein did not receive a fair trial."
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Kaplan scolds Habba once again, this time for reading a tweet that has not been admitted into evidence.
"We’re going to take a break now until 3:30, during which you should refresh your memory about how it is you get a document into evidence," Kaplan tells the Trump lawyer.
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@MrSantosNY
leaving federal court, feat. off-camera questioning by the great
@jruss_jruss
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There are lots of interesting hearings and trials happening today, but Law360 reporters won't be covering them. That's because we're walking off the job for 24 hours to show management that we’ve had enough of the delays and threats at the bargaining table.
#Law360walkout2023
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once again
@jruss_jruss
captures a really special moment: George Santos taking my
@Law360
card.
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E. Jean Carroll's statement:
"This is a great victory for every woman who stands up when she’s been knocked down, and a huge defeat for every bully who has tried to keep a woman down. This win is because of Robbie Kaplan and her dazzling team at Kaplan Hecker & Fink.”
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When I became a New York court reporter in 2022, I thought I’d missed the chance to cover Harvey Weinstein. Turns out the Court of Appeals had other ideas. I’m here for Weinstein’s first court appearance since getting his rape conviction overturned last week.
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JUST NOW: The damages verdict in Carroll's 2nd defamation trial against Trump is $83.3M. That's on top of $5 Trump was previously ordered to pay for assault and defamation in a May trial.
Breakdown:
$7.3M for emotional harm
$11M for reputational repair
$65M in punitive damages
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BREAKING: New York's highest court grants Harvey Weinstein a new sexual assault trial, saying the judge should not have allowed in evidence of uncharged bad acts.
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I’m on the scene across the street from NYC criminal court, where two eyewitnesses tell me a man set himself on fire after tossing various fliers in the air. We cannot see the content of the fliers in the closed-off park, so motive not clear. Donald Trump’s jury selection today.
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At a Zoom press conference just now, Weinstein accuser Mimi Haley says she "will consider testifying again should there be another trial."
Haley's attorney, Gloria Allred, says the Manhattan DA's office has not reached out yet since yesterday's decision ordering a new trial.
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Big personal news: I won first place in the Law360 March Madness bracket pool
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The Carroll v. Trump trial is delayed for a day because a juror is feeling sick, as is Trump's lawyer Alina Habba (and Habba's parents have covid, although she's tested negative). Trump was briefly here.
Habba was talking very closely to Trump for someone who maybe has covid.
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Trump did not stick around for opening arguments. Before that begins, Judge Kaplan once again instructs the jury of the established facts: Trump sexually assaulted Carroll, she did not fabricate her claims, and his statements were defamatory. This jury will decide only damages.
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Per Sam Bankman-Fried's sentencing memo, submitted last night, the Probation Dept. has recommended 100 years in prison. SBF's attys call this suggestion "grotesque" and "barbaric," asking instead for no more than 6.5 years. Sentencing is set for March 28.
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BREAKING: Judge Kaplan sentences Sam Bankman-Fried to 25 years in prison.
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After lunch, Trump lawyer Michael Madaio makes a motion for recusal based on Judge Kaplan's "general hostility" and the interaction before lunch.
"Denied," says the judge, bringing in the jury for more testimony from Carroll.
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I stand by my coworkers in fighting for
@LexisNexis
to recognize Juneteenth because a commitment to diversity and inclusion cannot just be words.
#WhyNotJuneteenth
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Garelick, a Florida venture capitalist, sat on the board of eventual Truth buyer Digital World Acquisition Corp. He's accused of buying Truth stock after learning it was the SPAC's target and passing on tips to brothers Michael and Gerald Shvartsman, both of whom pled guilty.
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At a press conference outside Manhattan criminal court just now, Weinstein’s lawyer Arthur Aidala says Weinstein wants to go to trial again and take the witness stand this time.
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Big day here at 60 Centre Street, where *judgments* are possible in two of the NY AG's blockbuster trials, against Donald Trump and the NRA.
LAW DORK ALERT: Justice Engoron's ruling in the
@NewYorkStateAG
's civil fraud case against Donald Trump, expected today, will *not* be a verdict.
🚨A judge's decision can *never* be a "verdict."🚨
Only a jury can render a verdict.
@BlacksLawOnline
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"In the head of this mathematical wizard, he was viewing the cost of getting caught against the gain of getting away," says Judge Kaplan. "He regrets that he made a very bad bet about the likelihood of getting caught, but he’s not going to admit a thing."
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Sheeran is NOT LIABLE for any infringement. He breathed an audible sigh of relief, smiled widely and hugged his lawyers.
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NY court officer told me I’m the very last person being allowed into the courthouse (after I rushed here around the street closures from taping the motorcade arrival). No electronics permitted during the proceeding.
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NEW in the Ed Sheeran trial: Judge Stanton threatened to disqualify Ben Crump after the well-known lawyer read from a document not admitted into evidence: “This isn’t the first of my directions that you’ve forgot and violated and apologized for.”
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Good morning from day 3 of the second E. Jean Carroll trial. Trump is not here today.
Alina Habba has resumed her crossof Carroll and is already butting heads with Judge Kaplan for stating w/o evidence that there was a 5-hour gap between the NYMag article and Trump's statement.
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Frank has done it again: a searing look at the New York criminal court's paper filing system, where online records are nonexistent and judge regularly make rulings via email. This is the out of date, press-averse venue for Donald Trump's first criminal trial.
IN-DEPTH: Disorganized, incomplete and delayed. The mass of paper that makes up the official criminal record in New York does not even have a docket sheet.
Welcome to NY State Supreme Court, Criminal Term, where Donald Trump faces trial.
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“Real Housewives of Salt Lake City” star Jen Shah, clad in a camel-colored pantsuit, just entered a packed Manhattan federal courtroom for her telemarketing fraud sentencing. The feds are seeking 10 years in prison, she asked for 3. Outcome TK…
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Sheeran speaks to press outside the courthouse: “I am just a guy with a guitar who loves writing music for people to enjoy. I am not and will never allow myself to be a piggy bank for anyone to shake.”
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Gloria Allred, who represents one of the victims from the first trial, is here. No sign of Weinstein yet. Hearing starts at 2:15.
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Michael Cohen leaving court after finishing his grand jury testimony against Donald Trump. More TK…
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I'm covering the first day of trial today in Alex Jones' 2nd Sandy Hook defamation damages trial, this time in CT. As a sanction for (more) discovery violations, Judge Barbara Bellis just barred Jones' counsel from arguing that Infowars didn't profit from Sandy Hook coverage
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Major League Soccer filed a petition Wednesday asking a Manhattan federal judge to enforce its arbitration win against a former New York Red Bulls player whom it accused of abandoning his union-negotiated contract to play in Saudi Arabia's league.
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Inspired by
@mikesisak
: memories from Trump’s NY arraignment day, one year ago. We witnessed history covering the first-ever criminal appearance of a former president. Now getting ready to do it again at trial…
@NinaPullano
@frankrunyeon
@PeteBrush
@stewartbishop
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Prosecutors have raised a potential conflict with Sam Bankman-Fried's recent retention of defense attorney Mark Mukasey: he also represents Alex Mashinsky, the founder of alleged FTX/Alameda victim Celsius Network.
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Good morning from New York state court, where the jury has finally begun deliberations after a six-week trial in the state attorney general's case against the NRA. They just sent a note requesting every single exhibit.
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#BreakingNews
: Major League Baseball and its franchises illegally conspired to scrap 40 minor league clubs, according to a lawsuit Monday that aims to end the baseball antitrust exemption granted by the U.S. Supreme Court in 1922.
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I’m in the courthouse now. No one is allowed on the front steps or main atrium - business is going on as usual, it seems, but people are being directed to enter and exit through the back.
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In addition to prosecuting individuals like Donald Trump, the Manhattan DA's office has an active unit that returns stolen art. While most museums have complied with the DA's thousands of seizure actions, the Art Institute of Chicago is fighting back.
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It’s 6:40 am on Trump Arraignment Day ™️, and I’m one of ~110 press in line for the proceeding. Those at the front who braved the night (including famous list keeper
@frankrunyeon
) will get tickets for the courtroom, while the rest of us will hopefully get overflow access.
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A hot start: Habba protests Judge Kaplan's refusal to adjourn trial for Melania's mother's funeral tomorrow. Kaplan denies the ask and says he'll hear no more.
"None. Do you understand that word?" asks Kaplan.
"I don't like to be spoken to that way, your honor," replies Habba.
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Justice Farber has taken the bench. Weinstein was just brought in in a wheelchair.
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great day to be an SDNY reporter
Southern District of New York eclipse scene report: federal judges, courthouse beat reporters, and NYPD on the roof of One Police Plaza.
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Day 3 of delibs in the NRA trial. Justice Cohen decides NOT to grant the jury's request for a digital transcript. He says this "seems perfectly reasonable" but is wary of lawyer infighting teeing up an appellate issue.
"I’m frankly not interested in taking that risk," says Cohen
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I last saw Ed Sheeran play live when he opened for Taylor Swift on the Red tour in 2013. This time the venue was a federal courtroom, instead of MetLife Stadium.
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Contrary to some reporting, Ed Sheeran did NOT explicitly say yesterday that he'll "quit music" if he loses the trial. FWIW, I interpreted his "I'm done" to mean a liability verdict would make it really hard for songwriters like him to create music with basic building blocks.
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Trump has tapped another litigator, Perry Brandt of Missouri-based Sandberg Phoenix, for his rape trial next week. Brandt was previously a partner at BigLaw firm Bryan Cave.
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Kaplan threatens to eject Trump after one of Carroll's lawyers reports that he's been audibly commenting on Carroll's testimony.
"Mr. Trump, I hope I don't have to consider excluding you from the trial," says Kaplan
"I would love that," responds Trump, throwing his hands up.
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I wonder how this will affect Trump's ability to get an appeal bond, both for the AG judgment and the $83M E. Jean Carroll verdict.
Trump and his businesses are also barred from applying for any loans from any institution registered with the NY Department of Financial Services for three years. That's uh, a lot of them.
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Hello from day 3 of the Sam Bankman-Fried trial. Adam Yedidia, a college friend of Bankman-Fried's who went on to work as a developer for FTX, just retook the stand.
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In the U.S. Attorney's sentencing memo for Silk Road Bitcoin stealer James Zhong: investigators seized criminal proceeds from "a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet." (Sentencing is today at 3 pm).
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Habba is already in hot water, with Judge Kaplan sustaining objections when she says it's the "truth" that Trump did not assault Carroll and referencing Carroll's "bankrollers" (both off-limits).
Kaplan to Habba: "If you violate my instructions again you will have consequences."
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Thank you
@bbcworldservice
for having me on their morning radio show today to chat about Sam Bankman-Fried's sentencing! Take a listen below, segment starts around the six minute mark.
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It's a rainy day in Foley Square, and Sam Bankman-Fried has just entered the courtroom for his sentencing hearing before Judge Kaplan. He's wearing tan prison garb and seated next to his lawyer Marc Mukasey. More to come.
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Carroll takes the stand.
"I am here because Donald Trump assaulted me, and when I wrote about it, he said it never happened," Carroll testifies. "He lied and he shattered my reputation...People are not dying to write to an advice columnist whom the president says is a disgrace."
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For the loyal fans tracking my wrist journey: it is, in fact, fractured. But I’m told I can still write, so stay tuned for more SBF content!
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Personal announcement: Yesterday was my last day at
@ffldcitizen
. Thank you to everyone at Hearst CT, and a big thank you to Fairfield for all the adventures. I start Monday at
@Law360
, so stay tuned if you're a reader of legal news!
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I'm at the First Department for arguments on Trump's special challenge to Justice Merchan's gag order in the criminal hush-money case. A single justice is expected to hear the case at 11:30.
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Good morning from Manhattan federal court, where Donald Trump is once again present for the second day of E. Jean Carroll's defamation damages trial. He flew to New Hampshire last night for a campaign rally in between court appearances.
Carroll is expected to testify today.
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Wow - Kaplan just threatened Trump's lawyer Alina Habba with jail time for fighting with him on his order that they can't show tweets not in evidence during closings.
“You are on the verge of spending some time in the lockup," Kaplan says. "Now sit down.”
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During a brief cross-examination, Carroll's lawyer Robbie Kaplan confirmed that Trump did not attend the first trial.
The whole thing was over in just a few minutes. The jury was excused, and closing arguments are set for tomorrow morning at 9:30.
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Background in Law360:
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NEW: An appeals panel said Donald Trump can pause the $465 million civil fraud judgment by posting just $175 million while he appeals. This staves off a possible attempt by AG Letitia James to seize Trump's assets after he was unable to post the whole thing.
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Donald Trump has arrived in Manhattan federal court for E. Jean Carroll's 2nd defamation trial. Trump, who didn't attend the 1st trial where he was found liable for sexually assaulting and defaming Carroll to the tune of $5M, is now at counsel table in a suit and red tie.
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As expected, Judge Kaplan denied Trump's motion to delay the E. Jean Carroll rape trial based on new info about her funding from Democratic donor Reid Hoffman. He's allowing some additional discovery but will not move the April 25 start date.
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Happy Halloween from 500 Pearl Street! Nothing spookier than cross-exam, and Sam Bankman-Fried’s prior statements are coming back to *haunt* him as prosecutors tries to paint him as a con artist with a long history of lying. Follow along live on Law360⬇️
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