Donald Trump on Friday posted a $91.6 million bond as he appealed the verdict reached by a jury in January, which ordered the former president to pay writer E. Jean Carroll $83.3 million in compensation after he repeatedly defamed her.
In 2023, a separate court concluded that Trump had sexually abused Carroll during the 1990s, then defamed her when she spoke out; the court instructed him to pay $5 million in damages.
The $91.6 million bond consisted of the $83.3 million judgment, along with 9 percent statutory interest added by the State of New York. It was guaranteed by the Federal Insurance Company, a subsidiary of Swiss-headquartered insurance company Chubb Group LLC.
This has sparked speculation on social media about why the Federal Insurance Company decided to guarantee Trump’s bond and who within the company made the decision. Chubb President and CEO Evan Greenberg has history with Trump, having served on his Advisory Committee for Trade Policy and Negotiations from 2018 to 2022. The Washington Post reported it is “not clear from court records what collateral Trump presented to obtain the bond from Chubb.”
In a statement sent to Newsweek, Chubb Group said: “As a matter of policy, we do not comment on client-specific information. Our surety division provides appeal bonds in the normal course of business. These bonds are an ordinary and important part of the American justice system, protecting the rights of both defendants and plaintiffs. For defendants, appeal bonds ensure the opportunity to exercise the right to appeal an adverse judgment, which might otherwise be lost in the absence of a bond.
“For plaintiffs, appeal bonds ensure that they will receive the damages when an award is confirmed on appeal, eliminating the need to chase a defendant for payment. This guaranty provides peace of mind as a plaintiff awaits finality in the appeals process. The surety receives full collateral from the defendant in exchange for issuing the bond.”
Newsweek contacted representatives of Donald Trump’s 2024 presidential campaign by email at 6:45 a.m. ET on Saturday. This article will be updated if they want to comment.
In a post on X, formerly Twitter, former FBI general counsel and author Andrew Weissmann questioned who took the decision to guarantee Trump’s bond. He wrote: “$90M down, $400M to go. And the public has no idea who may have actually put up the money or provided a guaranty to support the bond. But one thing’s sure: Trump is beholden to someone for a lot of money.”
$90 M down, $400M to go. And the public has no idea who may have actually put up the money or provided a guaranty to support the bond. But one thing’s sure: Trump is beholden to someone for a lot of money. https://t.co/kxJ6jCDDza
— Andrew Weissmann (weissmann11 on Threads)🌻 (@AWeissmann_) March 8, 2024
The $400 million reference relates to the $355 million Trump was ordered to pay in February by New York Judge Arthur Engoron, who concluded he committed fraud by deliberately overvaluing a number of his assets. With interest, the full payment is expected to be around $454 million.
Daniel Miller, a lawyer and self-styled “democracy advocate,” shared Weissmann’s post on X, adding: “This is a matter of national security. The public has to know this information before voting in November.”
Trump has yet to post bond to appeal his civil fraud case but is required to do so later this month. In February, a judge turned down a bid by Trump’s legal team to have the likely 2024 Republican presidential candidate pay a $100 million bond instead, sparking speculation he didn’t have the liquid assets to pay the full fee.
Joyce Vance, a former U.S. attorney for the Northern District of Alabama turned legal commentator, also shared Miller’s post, commenting: “This is an important point. Trump is beholden to someone & we don’t know who. Reporters should ask him to explain all of the details. GOP leaders should, but probably won’t be, especially concerned.”
This is an important point. Trump is beholden to someone & we don’t know who. Reporters should ask him to explain all of the details. GOP leaders should, but probably won’t be, especially concerned. https://t.co/akPX18sdaF
— Joyce Alene (@JoyceWhiteVance) March 8, 2024
Trump is also facing four criminal charges over allegations he orchestrated the payment of hush money to a pornographic actress; mishandled classified documents; and broke the law attempting to overturn the 2020 presidential election, both nationwide and in the state of Georgia specifically. He has pled not guilty to all counts and claims the allegations against him are politically motivated.
Donald Trump pictured at a Super Tuesday election-night watch party at Mar-a-Lago Club in Palm Beach, Florida, on March 5, 2024. On Friday, the former president posted a $91.6 million bond as he appeals the…
CHANDAN KHANNA/AFP/GETTY
Update 3/9/24, 10:38 a.m. ET: This article was updated with a quote from Chubb Group.
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