Trump is unable to make US$464 million bond in civil fraud case, his lawyers tell court
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Former U.S. president Donald Trump can't find an insurance company to underwrite his bond to cover the massive judgment against him in the New York attorney general’s civil fraud case, his lawyers told a New York appeals court.
Former U.S. president Donald Trump can’t find an insurance company to underwrite his bond to cover the massive judgment against him in the New York attorney general’s civil fraud case, his lawyers told a New York appeals court.
Trump’s attorneys said he has approached 30 underwriters to back the bond, which is due by the end of this month.
“The amount of the judgment, with interest, exceeds US$464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote. (Trump himself was fined $454 million; the $464 million includes the disgorgement for his adult sons Don Jr. and Eric.)
An insurance broker, Gary Giuletti, who testified for Trump during the civil fraud trial, signed an affidavit stating that securing a bond in the full amount “is a practical impossibility.”
Potential underwriters are seeking cash to back the bond, not properties, according to Trump’s lawyers.
Trump’s lawyers have asked the appeals court to delay posting the bond until his appeal of the case is over, arguing that the value of Trump’s properties far exceed the judgment.
This story is breaking and will be updated.
