In recent news, Chubb Ltd CB CEO, Evan Greenberg, has stood by the company’s decision to underwrite the appeal bond of former President Donald Trump in a defamation lawsuit filed by E. Jean Carroll.
What Happened: Greenberg, in a customer communication, clarified that Chubb’s role as the surety does not imply support for any party involved in the case. “We don't take sides, it would be wrong for us to do so and we are in no way supporting the defendant,” he stated, according to a report by The Hill.
Last week, Trump signed paperwork for one of Chubb's divisions to underwrite his $91.63 million bond as he appeals the recent civil verdict against him for defaming Carroll, an advice columnist, by denying her sexual assault claims.
Greenberg stressed that Chubb’s decision was based on supporting the rule of law and not influenced by personal feelings. He also indicated that Trump’s bond is fully collateralized, although the specifics of the assets put down by Trump remain undisclosed.
The bond, approved by the federal judge overseeing the trial, allows Trump to continue seeking a new trial and appeal while preventing efforts to enforce the eight-figure judgment in the meantime.
Why It Matters: Trump’s bond payment has raised concerns among experts, who suggest it could raise "troubling new questions" about his ability to serve as president and a concern for national security. The public is unaware of who provided the money for Trump's bond, emphasizing that Trump is now indebted to someone for a substantial amount.
Furthermore, Trump could be in for another serious legal setback even as he buckles under the pressure of a slew of legal challenges he is left to contend with, said his niece Mary Trump.
At a rally in Georgia, Trump expressed frustration over the financial repercussions of the defamation lawsuit he lost to Carroll. The subsequent appeal by Trump’s legal team required posting a substantial $91.6 million bond to halt Carroll’s compensation during the appeals process.
Trump posted the bond on Friday, which was provided by Federal Insurance Co, a part of the insurer Chubb. This bond would cover Carroll's $83.3 million judgment if Trump loses his appeal of the Jan. 26 verdict and refuses to pay, according to a prior report.
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