Trump Has Failed to Get Appeal Bond for $454 million Civil Fraud Judgment – Donald Trump’s lawyers stated on Monday that he has not yet secured a bond to appeal a $454 million judgment against him in a New York civil fraud case without having to provide the full amount himself.
Trump must either come up with the cash or post a bond to prevent the state’s authorities from seizing his properties as he appeals Justice Arthur Engoron’s Feb. 16 decision. The decision ordered Trump and his co-defendants to pay $464 million in penalties and interest for misrepresenting property values to deceive lenders and insurers.
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In a court submission on Monday, lawyers representing the Republican presidential candidate appealed to a mid-level state appeals court to postpone the enforcement of the judgment, citing that the sum was disproportionate. They mentioned that thus far, the defendants had reached out to 30 surety companies through four different brokers in an attempt to secure a bond.
“Enforcing an impossible bond requirement as a condition of appeal would inflict manifest irreparable injury on Defendants,” Trump’s lawyers wrote. The lawyers requested permission for him to post a $100 million bond during his appeal instead. They explained that a bonding company would be responsible for any payout if Trump’s appeal fails and he cannot cover the amount.
Trump’s legal team included a statement from Gary Giulietti, an executive at the insurance brokerage Lockton Companies, which Trump has enlisted to assist in obtaining the bond. Giulietti stated that securing a bond for the full $464 million is not feasible given the circumstances, highlighting that many sureties were reluctant to issue bonds exceeding $100 million and preferred cash or securities over real estate as collateral.
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Trump refuted any wrongdoing in the case, initiated by New York Attorney General Letitia James in Manhattan state court. Earlier this month, Trump posted a $91.6 million bond to address an $83.3 million defamation verdict against him in a case involving writer E. Jean Carroll. This lawsuit stemmed from Trump’s dismissal of her accusation of rape decades ago by branding her a liar.
