Trump posts $91.6 million bond in defamation case; GOP presidential candidate files appeal
In the latest legal saga involving former President Donald J. Trump, he has posted a $91.6 million bond to address a defamation judgment against him in a case brought by E. Jean Carroll.
Carroll, adorned in a cream-colored suit, walked past a line of photographers as the bond was secured, marking a crucial moment in the ongoing legal battle.
The bond, backed by an external insurance company, serves as a shield against immediate financial repercussions for Trump while he pursues an appeal. It’s a strategic move to forestall potential legal and financial repercussions looming over him.
This development follows a federal jury’s decision in January, awarding Carroll $83.3 million. Trump’s recent bid for a temporary halt to the judgment was rejected by Judge Lewis A. Kaplan, intensifying the pressure on Trump to either produce the funds himself or secure the bond.
With the clock ticking towards a looming deadline, Trump managed to meet the requirements, albeit with a sum exceeding the original judgment due to accrued interest.
The bond, provided by the Federal Insurance Company, a branch of Chubb, ensures coverage for Trump’s liability in the event of an unsuccessful appeal and subsequent failure to pay. However, Trump must pay a premium to the company and pledge adequate collateral, including substantial cash reserves.
In a legal maneuver, Trump’s attorney, Alina Habba, sought the court’s approval for the bond, emphasizing its sufficiency to stall Carroll’s collection efforts pending the appeal.
Expecting a favorable outcome in the appellate court, Habba expressed confidence in overturning what she termed as an “egregious judgment,” citing alleged trial errors.
Meanwhile, Trump’s campaign spokesperson, Steven Cheung, portrayed the bond as a response to what he termed a “baseless judgment” in the “Carroll Witch Hunt,” which he asserted was funded by Democrats.
Carroll’s lawyer, Roberta A. Kaplan, declined to comment, while Carroll herself took to social media to remark on the substantial amount of the bond.
While the precise terms of Trump’s bond deal remain undisclosed, it’s common for bonding companies to charge a fee and demand adequate collateral.
In a statement, Chubb underscored the routine nature of appeal bonds in the legal system, safeguarding the interests of both defendants and plaintiffs.
Judge Kaplan has granted Carroll a window to respond to the proposed bond, indicating a willingness to consider any objections regarding its form or amount.
The bond in Carroll’s case represents just one facet of Trump’s mounting legal challenges, including multiple criminal indictments and a separate civil case with a judgment exceeding $450 million.
As Trump navigates these legal mazes, his financial resources and assets face increasing scrutiny, underscoring the high-stakes nature of his legal battles.
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