PoliticsHow much money will Donald Trump have to pay in damages?

How much money will Donald Trump have to pay in damages?

Donald Trump, the favorite for the Republican Party presidential nomination, has dominated his party’s primaries by winning comfortable victories in Iowa and New Hampshire. All but one of his opponents have resigned, so his victory would be a mere formality unless Nikki Haley defies all odds and defeats him.

However, in court, the situation is quite different.

Trump has four criminal indictments and 91 felony charges pending against him, and remains trapped in a maze of legal issues. Any one of them is a potential threat to his candidacy and one in particular has already blown up his finances and left him reeling.

Last Friday, a New York jury sentenced Trump to pay the shocking sum of USD 83,300,000 to the retired magazine columnist elle, E. Jean Carroll, as compensation for defamation against him. The condemnation is intended to deter Trump from using his public platform to attack those he believes have harmed him, as he does virtually every day.

Last year, Trump was found responsible for sexually assaulting Carroll in the changing room of the Bergdorf Goodman department store in Manhattan in the mid-1990s. The columnist first raised the accusation in her memoirs. What Do We Need Men For? (What do we need men for? in Spanish), published in 2019 during the Trump presidency.

The Republican repeatedly denied what happened through statements in which he stated that he did not even know his accuser and that she was not his “type,” which triggered a second civil trial that concluded last week. In that instance, the jury determined that Trump should pay Carroll a sum far greater than the $10,000,000 that she and her attorney, Roberta Kaplan, had requested as compensation for damage to her reputation. This was because the victim had received endless messages containing insults and death threats from Trump supporters who supported his slander.

The court awarded Carroll $65,000,000 in punitive damages and more than $18,300,000 in compensatory damages. As a security measure, the nine jurors had to keep their identities secret, as suggested by Judge Lewis Kaplan.

Trump presented a brief four-minute testimony. The next day, when the sentence was read, the candidate had already left the room. His lawyer, Alina Habba, was in charge of expressing anger over the result to the world’s press, promising to appeal and calling the jurors “ridiculous,” the same word Trump used on Truth Social later that night, as he He complained unabashedly about the situation, although without mentioning Carroll’s name.

E. Jean Carroll waves as she exits federal court after winning her defamation case against Donald Trump on January 26, 2024

(AFP/Getty)

For Trump, things could be about to get worse, as another potentially devastating lawsuit comes to an end this week in New York. This time, his vast real estate empire would be threatened and there would be the possibility of being prevented from doing future business in his city.

Judge Arthur Engoron is expected to rule in the civil fraud trial against the Trump Organization brought by state Attorney General Letitia James, in which Trump, his adult children and top associates are accused of systematically inflating or overstating the value of the company’s assets between 2011 and 2021 for the purpose of obtaining loans and insurance arrangements from lenders.

After an 11-week trial that began in October, the case took a turn just days before the judge delivered his verdict. A court-appointed monitor submitted a report stating that much of the company’s financial data “was incomplete, inconsistent, or contained errors” and also alleged that a $48,000,000 loan for one of its properties , in reality, might never have existed.

In total, James claims USD 370,000,000 plus interest in monetary sanctions to rectify the situation.

According to Forbesif Judge Engoron were to rule in favor of James and order a full payment, Trump and his company would have to face most of that amount, although Donald Trump Jr., Eric Trump, former CFO Allen Weisselberg and former accountant Jeffrey McConney They owe about USD 10,500,000.

The payment to Carroll and the fine for the fraud trial would force Trump to disburse the astronomical sum of USD 453,300,000 in the span of a week.

New York Attorney General Letitia James addresses the media outside the New York Supreme Court on November 8, 2023

(Yuki Iwamura/AP)

According to ForbesTrump’s net worth was around $2,600,000,000 as of last September, a considerable amount and an advance on the $40,000,000 he is said to have inherited from his late father, Fred Trump, but also a far cry from the USD 3,200,000,000 that the same media estimated it would be worth in 2021 or the USD 4,500,000,000 it was worth in 2015, a year before his presidency.

Of those USD 2,600,000,000, Forbes estimates that Trump only has $426,000,000 in cash and liquid assets with which he could pay his legal obligations.

Based on this data, Bloomberg has estimated that paying off those USD 453,300,000 would consume the Republican’s liquid assets and reduce his net worth by up to 15%.

However, it is difficult to ascertain the true extent of Trump’s fortune, given that, when he ran for president in 2016 and throughout his only term in the White House from 2017 to 2021, he repeatedly refused to exposing his finances to public scrutiny by falsely claiming that he could not do so due to an Internal Revenue Service audit.

Even if that had been true, nothing would have stopped Trump from making the same commitment to transparency as his predecessors in the Oval Office, which is exactly what he did not do.

The Republican, of course, will furiously appeal both verdicts (assuming Judge Engoron rules against him), although that would not save him from having to put up the money as collateral while the appeal process is resolved.

He may have hoped to be rescued by the Save America committee or the Make America Great Again super committee, although it is believed that neither could even remotely have the funds necessary to cover the damages.

Meanwhile, former federal prosecutor Jennifer Rodgers has told Bloomberg that Trump could not use his committees’ campaign funds to pay his legal fees in these cases because there are “no exceptions that would cover damages for a matter that does not involve him.” as a candidate or official for an office.”

Rudy Giuliani at Trump’s primary night party in Nashua, New Hampshire, on January 23, 2024

(AP)

And the bad news keeps coming for Trump.

It was also reported this week that his former personal attorney, Rudy Giuliani, has filed a lawsuit against the former president for unpaid legal fees in a new bankruptcy filing.

The filing does not specify a dollar amount, so the sum claimed is “undetermined,” but Giuliani will be desperate to be reimbursed for his (unsuccessful) services representing the outgoing president following the 2020 presidential election, when the lawyer filed and He then lost some 62 lawsuits seeking to challenge the counting and certification of votes in nine states.

Giuliani filed for bankruptcy in December, days after a federal judge ordered him to “immediately” pay more than $148 million for defaming two Georgia election workers.

He New York Times reported in August: “Trump has never explicitly told Giuliani why he is scamming him, but the former president has noted that he lost cases related to the election.”

And he added that Trump had ordered his assistants not to pay Giuliani “a single cent,” but that he had received about $340,000 from the aforementioned Save America PAC to cover part of his expenses.

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