Former President Trump has taken a significant step towards securing the 2024 GOP nomination as a federal judge accepted his bond money worth nearly $100 million. This move comes as Trump appeals a ruling that found him liable in a New York defamation case brought against him by E. Jean Carroll earlier this year.
Trump posted a $92 million bond last week, and Judge Lewis A. Kaplan approved it on Tuesday. This bond now serves as a guarantee that the former president will pay out if his appeal fails to overturn the verdict. Trump vehemently denies Carroll’s claim that he sexually assaulted her in a department store dressing room in 1996.
In January, a jury found Trump liable for $83.3 million in damages to Carroll, comprising $18.3 million in compensatory damages and $65 million in punitive damages. The bond value is higher than the total damages due to the requirement of posting 110% of the judgment value during the appeal process.
The bond money was provided by the Federal Insurance Company, based in Chesapeake, Virginia, as confirmed by documents signed by Trump. His lawyers argue that his statements about Carroll were made in an effort to defend his reputation, protect his family, and defend his presidency.
It is important to note that last year, a federal jury in New York City determined that Trump was not liable for rape but was liable for sexual abuse and defamation. In that trial, he was ordered to pay $5 million.
This development potentially strengthens Trump’s position in the 2024 Republican presidential nomination race. As the appeal process unfolds, it remains to be seen how this case will impact his political future.
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