Cushman & Wakefield reaches settlement with NY AG Tish James in Trump probe

  • A truce was reached between New York’s attorney general and Trump’s appraisers Cushman & Wakefield.
  • The real estate services giant has until midnight on Monday to hand over “priority” documents.
  • If Cushman complies, the $10,000-a-day contempt fine will likely be waived.

A truce has been reached in a heated battle between Donald Trump’s longtime appraisers Cushman & Wakefield and the New York attorney general, who is still seeking thousands of documents as she wraps up her investigation into the Trump Organization.

Under a settlement reached in Manhattan appeals court, Cushman has an extended deadline – until midnight Monday – to turn over a subset of “priority” overdue documents requested by Attorney General Letitia James.

Since September, James has been asking Cushman to turn over all emails and other communications about any work the company has done for Trump, his businesses or his properties over the past decade.

Under the agreement, Cushman will select the 10 most relevant former and current employees and turn over emails and communications related to Trump only from those individuals by midnight Monday.

An additional deadline of July 20 has been set for Cushman to provide the AG with the so-called privilege log, which details what documents are being withheld because of the attorney-client privilege.

Both sides will then ask the judge presiding over the inquiry to waive the potentially expensive $10,000-a-day contempt fine.

Details of the settlement were revealed in an appeals court statement on Monday.

If Cushman fails to meet the Monday or July 20 deadline, the deal is canceled “and the contempt order is effective for the duration of this appeal, retroactive to July 7, 2022,” the filing states.

James is investigating an alleged pattern of financial improprieties at the former president’s hotel and golf resort company.

Her lawyers say Trump will overstate or understate the value of her assets in financial documents to secure hundreds of millions of dollars in bank loans and tax breaks.

The investigation singled out three Trump properties valued by Cushman in court documents: the Trump building at 40 Wall Street in Manhattan that was used as collateral for a loan, the Seven Springs estate in Westchester County, New York, and the Trump National Golf Club near Los Angeles . The latter two properties were used by Trump to secure $5 million in tax breaks, the AG said.

The contempt order was issued Tuesday by the Manhattan judge presiding over the AG’s investigation, New York Supreme Court Justice Arthur Engoron.

The judge criticized Cushman for “cavalierly” missing an extended June 29 deadline to turn over the long-overdue Trump-related communications and instead asked for a two-week extension.

But Cushman’s lawyers say the company needs more time to review a massive database of 72 million pages of emails from current and former employees.

The deal allows Cushman to focus on a smaller portion of that database.

“We are pleased to have reached an agreement with the OAG regarding a temporary stay of the contempt decision,” Cushman spokesman Mike Bunshoft said in a written statement.

“Since the New York Attorney General’s investigation began in 2019, Cushman & Wakefield has attempted to cooperate with the OAG’s investigation, responding to numerous subpoenas for documents and eight subpoenas for testimony.

“We will continue to work to prepare the requested documents,” Bunshoft said.

A spokeswoman for the AG’s office did not immediately respond to a request for comment.

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