Donald Trump’s legal team informed a Manhattan court on Friday that the former president had posted a $91.6 million bond to address the $83.3 million awarded to writer E. Jean Carroll in a defamation lawsuit earlier this year.
This move comes as Trump appeals the verdict. Attorney Alina Habba filed the necessary paperwork with a New York judge alongside a notice indicating Trump’s appeal as the likely GOP presidential nominee.
The bond, provided by the “Federal Insurance Company,” a principal of The Chubb Corporation, covers the full judgment along with interest. This step was essential to postpone payment until the 2nd U.S. Circuit Court of Appeals decides on Trump’s appeal, according to reports from the Associated Press.
MSNBC’s legal correspondent Katie Phang noted that The Chubb Corporation, a global insurer based in New Jersey, underwrote the bond. National security lawyer Bradley Moss speculated on the nature of collateral Trump offered to secure the bond, highlighting Chubb’s responsibility in the matter.
Trump (Credits: ABC News)
Trump’s submission followed Judge Lewis Kaplan’s denial of his request to extend the deadline for posting the bond, ensuring Carroll’s ability to receive the judgment pending appeals.
Trump faces significant financial challenges, including the Carroll lawsuit and a larger case from the New York Attorney General, where he was found liable for financial deception against banks and insurers.
In the New York Attorney General’s case, the judge declined to pause the collection of the $454 million fraud penalty, giving Trump until March 25 to settle the amount or secure a bond. Interest on the civil fraud judgment continues to accumulate at a rate of approximately $112,000 per day.
