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- Donald Trump secured bail to stop collection of E. Jean Carroll’s $83.3 million defamation judgment.
- The bail, worth $91.63 million, will provide relief for Trump’s appeal.
- Trump’s next challenge is his $455 million liability in a New York state civil fraud judgment.
Former President Donald Trump posted bail to prevent collection of an $83.3 million defamation judgment against E. Jean Carroll.
The bail amount (totaling $91.63 million, including mandatory interest and fees) will provide some relief to Trump as he appeals his bid for the 2024 presidential bid. Without bail, Carroll’s lawyers could have served the sentence and then pursued Trump’s assets. Monday deadline.
This bail agreement effectively provides some form of collateral to a federal insurance company (commonly known as Chubb) to ensure that the cash will be available if President Trump loses his appeal and the judgment is enforced. It means what you did.
Trump agreed to bond terms with a federal insurance company on March 5, according to documents filed in court Friday.
Details of the transaction were not disclosed in court documents. Chubb previously declined to speak to Business Insider about assuming Trump’s appeal bond.
Neil Pedersen, owner of Manhattan-based surety bond agency Pedersen & Sons, said Mr. Chubb likely charged Mr. Trump an additional $250,000 or more in premiums on the bond, up to $1 million. Dew.
Mr. Trump would have shopped for the lowest premiums, and multiple airlines may have been competing for Mr. Trump’s business, Mr. Pedersen said. Still, because of the size of the bond and the high profile surrounding it, “I don’t think there were a lot of companies competing to do this,” Pedersen said.
The posting of bail allows U.S. District Judge Lewis Kaplan, who oversaw Carroll’s defamation trial against Trump, to suspend Carroll’s ability to collect the judgment.
But President Trump also has no access to the funds, which will likely remain on ice and collect interest in a special interest-bearing bank account pending an appeal.
Trump’s lawyers are appealing the defamation ruling, saying in court filings that Kaplan erred in not allowing Trump to speak further on the witness stand. claims. He also argues that the damages amount is too high.
In January, a jury in Manhattan federal court awarded Trump $83.3 million in defamation damages for his persistent attacks on Carroll, who accused him of sexual assault in the mid-1990s, calling her a “liar.” It was ruled that he was responsible.
Pedersen explained that in a federal case, mandatory costs and interest would raise the bond by 111% over a standardized original judgment.
“It’s an unspoken rule among court clerks, but it’s the standard for appellate bonds in federal cases,” he said.
Last May, another jury found Trump liable for sexual assault and other defamation claims. Trump has already transferred $5 million in damages owed in the case to a court-controlled account as he pursues his appeal.
Trump’s bigger problem is the judgment he owes in the New York attorney general’s civil fraud case against him and his company.
He has until March 25 to obtain bail for the $454 million judgment owed in the case, an amount that grows with interest each day and his cash holdings. exceeds most estimates.
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