Former U.S. President Donald Trump has decided to withdraw a hefty $500 million lawsuit against his erstwhile attorney, Michael Cohen. This development has garnered significant attention in the Asia-Pacific financial markets, given Trump’s extensive business interests in the region.
Key Highlights:
- Trump discontinues his $500 million lawsuit against former attorney Michael Cohen.
- The lawsuit accused Cohen of breaching fiduciary duties by revealing Trump’s confidential information.
- Cohen’s book, podcast, and public statements criticizing Trump were the lawsuit’s focal points.
- Cohen views the lawsuit as a “retaliatory intimidation tactic” by Trump.
- The lawsuit’s withdrawal comes ahead of Trump’s scheduled deposition in the case.
Unraveling the Lawsuit:
The lawsuit, initiated by Trump, primarily targeted Cohen’s book, his podcast, and various public statements that painted Trump in a negative light. These revelations detailed the deterioration of their once-close relationship. The lawsuit’s core argument was that Cohen exploited his confidential association with Trump for monetary benefits, thereby violating his contractual and fiduciary obligations.
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However, in a concise court filing, Trump announced the lawsuit’s discontinuation. This move comes just a week before Trump was slated for a deposition in the case. Interestingly, Trump had previously postponed this deposition, citing his attendance at a civil fraud trial in New York.
Cohen’s Retort:
Reacting to Trump’s decision, Cohen stated that the lawsuit was merely a “retaliatory intimidation tactic.” He further insinuated that Trump’s reluctance to undergo routine discovery procedures validated this claim.
In a previous appearance on ABC’s “Good Morning America,” Cohen had expressed his willingness to testify if Trump faced charges in the case. Emphasizing his commitment to the truth, Cohen stated, “The facts are the facts. The truth is the truth and the truth will always rise so I’m not worried about anything they want to come at me with.”
It’s worth noting that Cohen had previously served a prison sentence after admitting to federal charges, including campaign finance violations linked to a hush payment. He was granted an early release in November 2021.
Asia-Pacific Perspective:
For the Asia-Pacific financial markets, closely monitoring geopolitical developments in the U.S. is crucial. Trump’s business endeavors in the region make any legal proceedings involving him especially significant. This lawsuit’s withdrawal could potentially influence investor sentiment and business decisions in the Asia-Pacific.
