Former US President Donald Trump has undertaken the posting of a $91.6 million bond to address the defamation ruling favoring writer E. Jean Carroll, marking the initiation of his appeal against the verdict emanating from her allegations of sexual assault and defamation against him.
The bond, facilitated by Federal Insurance Co, a division of Chubb, has been put forth to cover the $83.3 million judgment in favor of Carroll, should Trump fail in his appeal of the decision rendered on January 26 and decline to provide payment.
By furnishing this bond, Trump, 45, effectively prevents Carroll, aged 80, from collecting the judgment during the appellate process, which is anticipated to extend over a protracted duration.
The appeal stems from a Manhattan jury's determination that Trump defamed Carroll, a former columnist for Elle magazine, in June 2019 by refuting her allegations of rape, purported to have occurred in the mid-1990s within a Bergdorf Goodman department store dressing room in Manhattan.
Trump faced a deadline of March 11 to secure the bond or allocate funds for the judgment following the trial judge, US District Judge Lewis Kaplan's rejection of his request for a temporary respite.
Kaplan, on Friday, granted Carroll and her legal representatives until March 11 to register any grievances concerning the bond.
Previously, Trump contended that he should not be mandated to furnish any security, asserting that Carroll was adequately safeguarded. However, Carroll characterized this stance as tantamount to Trump asserting "trust me."
Representatives for Trump and Carroll did not immediately respond to requests for comment.
Trump, the Republican nominee for the presidential election slated for November, is poised for a widely anticipated rematch against Democratic incumbent Joe Biden, who secured victory over him in 2020.
Steven Cheung, a spokesperson for Trump's presidential campaign, asserted that Trump had posted the bond despite characterizing the judgment as "baseless" and part of a Democratic-driven "witch hunt."
While the assets Trump was compelled to pledge to secure the bond remain undisclosed, it is presumed that he utilized liquid assets as collateral, according to Neil Pedersen, owner of Pedersen & Sons Surety Bond Agency in New York, who is not involved in the case.
Trump's bond aligns with the customary practice of trial courts, which typically require bonds equal to 110 percent of judgments.
This development momentarily addresses one aspect of Trump's legal predicaments, although he continues to confront financial constraints.
Trump is still mandated to furnish adequate security for his anticipated appeal of the $454.2 million verdict in a civil fraud case filed by New York Attorney General Letitia James last month.
His legal team has offered to provide a $100 million bond, deeming it implausible to furnish a bond covering the entirety of the sum James seeks.
Additionally, Trump faces four criminal indictments, including charges of falsifying business records to conceal hush money disbursed to adult film actress Stormy Daniels before the 2016 election that culminated in his ascendancy to the presidency.
A trial is slated to commence on March 25.
In Carroll's case, the jury awarded her $18.3 million in compensatory damages, encompassing $7.3 million for emotional distress and $11 million for harm to her reputation. Moreover, punitive damages totaling $65 million were conferred upon her.
Trump contends that he owes nothing and alternatively seeks substantial reductions in both sums.
In his pursuit of a new trial, Trump's legal team contends that the verdict was tainted by Kaplan's exclusion of Trump's testimony regarding his state of mind when he impugned Carroll.
According to his lawyers, Trump's assertion that "I just wanted to defend myself, my family, and, frankly, the presidency" bears relevance to whether he acted maliciously, and that its exclusion "all but assured" the substantial punitive damages awarded.
Furthermore, Trump's legal team asserts that Kaplan erred in instructing jurors regarding the burden of proof required to establish malice.
In a prior ruling last May, a distinct jury directed Trump to remunerate Carroll $5 million following analogous denials in October 2022, determining that he had defamed and sexually assaulted her.
Trump is currently appealing that ruling and has allocated $5.55 million to the Manhattan court for that purpose.
