In a recent development in the ongoing legal battle against former President Donald Trump, it has been revealed that he is struggling to find an insurance company willing to underwrite a bond to cover a massive judgment in the New York attorney general’s civil fraud case.
According to Trump’s lawyers, he has approached 30 different underwriters for the bond, which is due by the end of the month. The judgment against Trump, which exceeds $464 million and includes amounts for his adult sons, has created a significant challenge for the former president in securing the necessary funds.
During a recent court hearing, an insurance broker testified that securing the bond in the full amount is a “practical impossibility,” with potential underwriters seeking cash rather than properties to back the bond. Trump’s lawyers have requested the appeals court to delay posting the bond until the appeal is over.
Taking to his social media platform Truth Social, Trump criticized the bond size as “unConstitutional, un-American, unprecedented.” The civil fraud case has ordered Trump to pay $355 million in disgorgement, with the former president appealing the ruling.
This is not the first time Trump has faced challenges in posting a bond for a legal case. Previously, he posted a $91.6 million bond as part of an appeal in the E. Jean Carroll defamation case. Underwriters have been limiting bond amounts and not accepting real estate as collateral, which Trump Organization’s top legal officer, Garten, called a “major obstacle.”
Despite these setbacks, a Trump campaign spokesman has vowed to continue fighting the fraud allegations, criticizing the judgment and maintaining a stance of defense against the legal actions taken against the former president. The situation continues to unfold as Trump seeks a resolution in the New York civil fraud case.