News
Trump Has One Week To Pay $83.3 Million To E. Jean Carroll—And She’s Expressing ‘Very Serious Concerns’
Topline
Former President Donald Trumpâs scramble to cover millions in legal fines could start to come to a head next week, as the ex-president has only until next weekend to pay the $83.3 million verdict in E. Jean Carrollâs defamation lawsuit unless a court rules otherwiseâand Carroll expressed âvery serious concernsâ Thursday about Trumpâs ability to pay.
E. Jean Carroll (L) and her lawyer Roberta Kaplan (R) leave Manhattan Federal Court following the … [+]
Key Facts
A jury ordered Trump to pay $83.3 million to Carroll for defamationâbased on his attacks against the writer after she accused him of sexual assaultâand the formal court judgment was entered on Feb. 8, meaning Trumpâs payment is due by 30 days later on March 9.
Trump intends to appeal the judgment, but will still have to either pay the money into a court-controlled account or post an appeals bond guaranteeing his ability to pay.
The ex-president has asked the court to pause the judgment against him while he files post-trial motions in the case, or else allow Trump to post a âsubstantially reduced bondââand while the court quickly rejected his request to immediately pause the judgment while it considers the motion, it still has to issue a lasting ruling.
Carrollâs attorneys argued in a court filing Thursday that Trump is asking the court to âsimply trust that heâs very richâ and therefore doesnât need to post a bond guaranteeing heâll pay the money, while they have âvery serious concerns about Trumpâs cash positionâ and the âfeasibilityâ of him paying what he owes.
Trump has separately been ordered to pay $454 millionâand countingâin the civil fraud case against him and his company, and Carrollâs attorneys pointed to that judgment, the criminal cases against Trump and the ex-presidentâs lack of transparency around his finances as suggesting there âis absolutely no reason to believe that Trump has so much readily collectible cash on hand.â
The court has given Trump until 5 p.m. Saturday to respond to Carrollâs filing, and a ruling on whether Trump has to pay the judgment immediately could come soon after, as Trump has asked the court to rule by March 4.
Crucial Quote
Trumpâs filing asking to pause the monetary judgment âsimply asks the Court to âtrust meâ and offers, in a case with an $83.3 million judgment against him, the court filing equivalent of a paper napkin; signed by the least trustworthy of borrowers,â Carrollâs attorneys wrote.
Chief Critic
Trumpâs attorneys argued âthere is no cognizable riskâ of Trump not paying the judgment against him, noting Carroll has previously âconcede[d] that President Trumpâs resources suffice to satisfy the judgment.â âHaving argued to the jury that President Trump has great financial resources, Plaintiff is in no position to contradict herself now and contend that she requires the protection of a bond during the brief period while post-trial motions are pending,â Trumpâs lawyers claimed.
Forbes Valuation
Forbes estimates Trumpâs net worth at $2.6 billion as of September. That includes just over $400 million in cash and liquid assetsâenough to cover Carrollâs judgment alone, but not his total legal fines when combined with his judgment in the fraud case.
How Will Trump Pay?
It remains to be seen how Trump will cover the legal fines he owesâwhich total some $540 million and counting, between his fraud fine, the $83.3 million and a separate $5 million judgment from Carrollâs first trial against Trump, which has already been deposited into a court-controlled account. While Trump doesnât have enough cash on hand to cover the costs, he does have several options, including borrowing against his assets, seeking help from wealthy friends or borrowing from financial institutions, which is now easier after a New York appeals court paused a penalty in his fraud judgment that barred Trump from seeking loans from New York-registered institutions. He could also put up some of his real estate assets for sale, his attorneys suggested in a filing in the fraud case. While the Carroll payment is coming due in a matter of days, the ex-president has a bit more time to put up the fraud ruling cash, as the New York Attorney Generalâs office, which brought the case, isnât expected to start enforcing the judgment unless he hasnât paid by March 25. Trump has similarly asked an appeals court to pause the judgment against him in that caseâor post a $100 million bondâand while the court rejected his request on Wednesday to pause the monetary judgment while it considers the motion, it still has to issue a more lasting ruling.
Key Background
Carroll sued Trump in 2019 after she publicly accused him of sexual assault, alleging the then-president raped her in a Bergdorf Goodman dressing room in the 1990s. Trump attacked Carroll in response, denying her account and claiming she isnât âmy type,â leading the writer to sue him for defamation. Trumpâs reaction to her allegations caused Carroll âemotional pain and suffering at the hands of the man who raped her, as well as injury to her reputation, honor and dignity,â she alleged in the lawsuit. The case got stalled in court for years as Trump tried to dismiss the charges, and Carroll brought a second lawsuit against the ex-president alleging defamation and sexual assault under New Yorkâs Adult Survivors Act. That case ended up going to trial first, resulting in Trump being found liable for defamation and sexual assault, but not rape. Because Trump had already been found liable in the first trialâbased on substantially similar comments to the 2019 lawsuitâthe second Carroll trial was only to determine how much Trump had to pay in damages. The jury ruled in January that Trump had to pay $18.3 million in compensatory damages and $65 million in punitive damages, which are meant to dissuade Trump from further defaming Carroll.
Further Reading