Purpose: It serves as security while Trump appeals the defamation judgment.
Backing: The bond is backed by The Chubb Corporation, an insurance company.
Background: Notably, in 2018, Trump nominated Evan Greenberg, Chubb’s CEO, to serve as a member of his administration’s advisory committee for trade policy and negotiations.
In New York, a person must pay a court a cash bond that amounts to 110 percent of the judgment to appeal the ruling of a civil case. This means that Trump had to pay more than $91 million to challenge the defamation penalty.
Keep in mind that the bond is a financial guarantee that ensures the judgment amount will be available if the appeal is unsuccessful. It provides assurance to the court that the defendant will comply with the judgment even during the appeal process.
🧵 6️⃣ https://www.politico.com/news/2024/02/16/trump-civil-judgments-what-to-know-00142034