S-3030, the Economic Opportunity Act of 2013 II, advanced from the Senate Commerce Committee on Thursday, November 14th. Part of a larger economic growth package, Section 3 would cap appeal bonds at $50 million.
New Jersey law requires a defendant to post an appeal bond at least equal to the full amount of the judgment. However, in 2003 the Legislature approved a $50 million cap on appeal bonds for tobacco companies that participated in the Master Settlement Agreement.
This bill would extend that cap to all defendants. Under the bill, a court would have discretion, after notice and hearing and for good cause shown, to reduce the appeal bond to an amount lower than the judgment.