Compensation awarded in court must be deposited in cash or bail
If you don’t do this, you will suffer serious damage such as seizure and bank account freeze.
Plaintiff’s lawyer: “You boasted about tens of billions of dollars, so we will pay in cash.”
Former U.S. President Donald Trump, who was sentenced last week to pay $83.3 million (about 111.3 billion won) in damages in a defamation trial against New York columnist Gene Carroll, should deposit the compensation in cash or bail, the Washington Post reported (WP). ) reported on the 29th (local time).
If Trump does not deposit compensation, he will face major legal difficulties, such as having his assets seized and his accounts frozen. If Trump posts bail, he will have to pay a fee in addition to the compensation.
In this regard, Ryan Saba, the plaintiff’s attorney, said that depositing cash would be the most advantageous method for Trump.
He said, “Trump has said he has tens of billions of dollars, so he will try to deposit it in cash.”
On the other hand, Trump’s defense team may appeal to the Supreme Court after an appeal hearing. In this case, the plaintiff will not be able to receive compensation for several months or even several years. Attorney Saba emphasized, “If we go through an appeal and lose in the Supreme Court, we will have no choice but to raise money.”
Estimates of the size of Trump’s wealth vary widely.
Considering the valuation of Trump’s assets that have been disclosed in connection with several recent cases, the $83.3 million sentenced this time appears to be sufficiently affordable. The $83.3 million in damages includes $18.3 million in damages and $65 million in punitive damages. Trump may object that the punitive damages are excessive.
Trump lost an assault and defamation trial against Carroll last year and was ordered to pay $5 million (about 6.7 billion won). Trump appealed the ruling, but his $5 million in damages was deposited with the court.
Various estimates have been made regarding the amount of liquid assets that Trump can mobilize.
Trump’s net worth, as recently assessed by the Bloomberg Billionaire Index, is $3.1 billion (about 4.1354 trillion won), of which $600 million (about 800.4 billion won) is in cash. According to WP estimates last year, the money he earned after stepping down as president amounted to $1 billion (about 1.334 trillion won).
Trump has been footing the bill with tens of millions of dollars in campaign funds he received from his supporters.
Trump has continued to criticize plaintiff Carroll even after her conviction last year. However, if criticism is repeated, there is a risk of larger compensation being claimed.
Trump’s financial difficulties are expected to reach a peak as the trial verdict on charges of fraudulent lending by inflating his wealth is expected to be handed down soon. An additional fine of 370 million dollars (about 493.6 billion won) is requested in this trial.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.