TrendTrackersNews

Attorneys representing ex-President Donald Trump claim that it is improbable for him to obtain a bond of nearly $500 million, which he and other co-defendants require in order to halt a judge’s ruling.February ruling in a New York civil fraud case.

They’re asking an appeals court to stay the judgment while Trump challenges it40000

The decision, along with added interest, burdened the defendants with 40000.$464 million tab

In a filing on Monday consisting of almost 5,000 pages, Trump’s legal team stated that the requirement of such a large bond, which would essentially entail having cash reserves of almost $1 billion, is unprecedented.

The discovery was described as “unjustly disproportionate” to the crimes for which Trump and his associates were found responsible, which involved a ten-year plot to deceive banks and insurance companies by inflating property values and Trump’s wealth.

cannot reword

A bond of $90 million was issued to contest a recent legal loss, which was a unanimous decision made by a federal jury in January. It was determined that he is unable to reword.

Accused the author E. Jean Carroll of defamation

In that instance, he obtained a bond with the assistance of a subsidiary belonging to the insurance company Chubb.

The filing includes an affidavit from an insurance executive who said he has “been in contact with some of the largest insurance carriers in the world in an effort to try and obtain a bond” for Trump in the case. 

Gary Giuletti, the president of Lockton Companies, a private insurance firm, stated that he does not believe it is feasible for the accused to obtain a bond given the circumstances.

“In simple terms, it is extremely rare to come across a bond of this magnitude,” stated Giuletti.

During the fraud trial, Giuletti served as an expert witness for Trump, stating that he has been a close friend for a significant amount of time and is part of various clubs that Trump is affiliated with. Additionally, he works as an insurance broker for the Trump Organization.

Judge Arthur Engoron expressed disapproval of Giuletti’s testimony in the trial and also questioned the defense team’s choice to call him as a witness.

During its more than two decades of service, this Court has never come across an expert witness who not only had a close personal relationship with a party involved, but also had a personal financial stake in the outcome of the case for which they were testifying, as stated in Engoron’s ruling on February 16.

The spokesperson for Letitia James, the Attorney General, declined to provide a statement. According to James’ office, Trump has until March 25 to post a bond covering the full amount of the judgment, to stop the collection of damages while he appeals. James stated that the state may take action to acquire Trump’s assets if he fails to pay the judgment.

More

More

Source: cbsnews.com