Trump Posts $91.6 Million Bond for Defamation Judgment in Carroll Case – The New York Times
Trump-Carroll Defamation Trial
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Donald J. Trump is contending with civil penalties that are together worth more than half a billion dollars.
Benjamin Weiser and
Donald J. Trump on Friday posted a $91.6 million bond in a defamation case he recently lost to the writer E. Jean Carroll, staving off a potential legal and financial disaster just days before a deadline to secure the deal.
The bond, provided by an outside insurance company, will prevent Ms. Carroll from collecting the judgment while Mr. Trump appeals.
A federal jury awarded Ms. Carroll $83.3 million in January, and Mr. Trump recently asked that the judgment be paused. The judge presiding over the case, Lewis A. Kaplan, denied Mr. Trump’s request for a preliminary reprieve, putting pressure on Mr. Trump to either come up with the money himself or secure the bond.
With a Monday deadline looming, Mr. Trump posted the bond, which is higher than the $83.3 million judgment because the former president is also responsible for interest.
The bond is a promise from the company offering it — Federal Insurance Company, an arm of the insurance giant Chubb — to cover Mr. Trump’s judgment if he loses his appeal and fails to pay. In exchange, Mr. Trump must pay the company a premium and pledge collateral, including as much cash as possible. The terms of Mr. Trump’s deal have not been publicly disclosed, but bonding companies often charge a fee of anywhere between 1 and 3 percent, and require enough collateral to cover the bond.
In a court filing Friday morning, Mr. Trump’s lawyer, Alina Habba, asked Judge Kaplan to approve the bond as “adequate and sufficient” to block Ms. Carroll from collecting the award before Mr. Trump’s appeal is decided.
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