The former president is appealing the case to the 2nd U.S. Circuit Court of Appeals in Manhattan.
Former President Trump’s bond money, amounting to just under $100 million, was accepted by a federal judge as he prepares for his appeal.
Trump posted the $92 million bond last week after being found liable in his New York defamation case in January.
Judge Lewis A. Kaplan approved the bond on Tuesday, ensuring that if Trump’s appeal fails to overturn the verdict, the funds will be available to compensate the plaintiffs.
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Trump is appealing the January decision to the 2nd U.S. Circuit Court of Appeals in Manhattan, where he continues to vehemently deny the accusation made by E. Jean Carroll.
Carroll alleges that Trump sexually assaulted her in a department store dressing room in 1996. Despite her claims, Trump maintains his innocence.
In the initial ruling, a jury found Trump liable for $83.3 million in damages for defaming Carroll through previous statements that undermined her credibility. This sum includes $18.3 million in compensatory damages and $65 million in punitive damages.
The bond value exceeds the total damages due to a requirement for 110% of the judgment value to be posted during the appeal process.
Federal Insurance Company, headquartered in Chesapeake, Virginia, supplied the bond money, as indicated in documents signed by the former president.
Trump’s legal team asserts that his statements regarding Carroll were made in an attempt to “defend his reputation, protect his family, and safeguard his Presidency.”
A federal jury in New York City determined last year that Trump was not liable for rape but was found liable for sexual abuse and defamation.
As a result of this trial, the former president was instructed to pay $5 million in damages.