Trump posts $91.6M bond in E. Jean Carroll defamation case

Donald Trump posted a $91.6 million bond on Friday, initiating an appeal against the defamation verdict favoring writer E. Jean Carroll.

Publication: 09.03.2024 - 11:21
Trump posts $91.6M bond in E. Jean Carroll defamation case
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This follows a jury's decision that Trump defamed Carroll after she accused him of rape in the 1990s. The bond, issued by Federal Insurance Co, a Chubb subsidiary, aims to secure Carroll's $83.3 million judgment should Trump lose the appeal and default on payment.

The bond effectively delays any payout to Carroll, 80, during the appeal, which could extend for years. This legal move comes after a Manhattan jury found Trump defamed the former Elle magazine columnist by denying her rape allegation, which she claims occurred in a Bergdorf Goodman dressing room.

U.S. District Judge Lewis Kaplan, overseeing the trial, set a deadline for Trump to secure the bond or earmark funds for the judgment, subsequently allowing Carroll and her legal team until March 11 to raise objections to the bond. Trump, arguing against posting security on the premise that Carroll was already protected, met opposition from Carroll, emphasizing a lack of trust.

Amidst this legal battle, Trump, eyeing a presidential run in November against Joe Biden, has faced criticism for his legal strategies. Steven Cheung, a spokesperson for Trump's campaign, dismissed the judgment as "baseless" and accused Democrats of a "witch hunt."

The specifics of the assets Trump pledged for the bond remain undisclosed, but industry experts suggest liquid assets were likely used as collateral, especially given the uncertainty surrounding Trump's 2024 election bid. This bond, totaling 110% of the judgment, momentarily resolves one of Trump's legal challenges, although he confronts a financial strain from a separate $454.2 million civil fraud verdict and four criminal indictments.

In Carroll's case, the jury awarded her $18.3 million in compensatory damages and $65 million in punitive damages. Trump has contested the amounts and sought a new trial, criticizing Kaplan's exclusion of his testimony and instructions on proving malice. Trump is also appealing a separate $5 million judgment for defamation and sexual abuse awarded to Carroll in May, having already allocated $5.55 million for this appeal.

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