Former 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 $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers wrote. An insurance broker, Gary Giulietti, 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.
Trump is appealing the ruling, but in order to stop the state from enforcing the judgment, Trump has to post a bond to be held in an account pending the appellate process, which could take years to litigate. Trump posted a $91.6 million bond earlier this month as part of his appeal in the E. Jean Carroll defamation case. But Giulietti said some of the biggest underwriters have internal policies that limit them from securing a bond in excess of $100 million.
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