“In essence,” Trump claims, “JPMC debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so.”
President Donald Trump has filed a multibillion-dollar lawsuit against JPMorgan Chase, the largest bank in the United States. In court filings, Trump accuses the bank of illegally closing his accounts for political reasons.
According to the BBC, the lawsuit claims that JPMorgan Chase and its chief executive, Jamie Dimon, ultimately caused Trump “considerable financial and reputational harm” when it abruptly closed his accounts in 2021.
A spokesperson for the bank has since said that “the suit has no merit.”
“JPMC does not close accounts for political or religious reasons,” the bank told the BBC in a statement. “We do close accounts because they create legal or regulatory risk for the company.”
The BBC notes that Trump’s lawsuit was filed in Florida, which prohibits banks from discriminating against clients based on political views. Attorneys for Trump say that JPMorgan’s decision to close his accounts should be read as a “key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”
The filing further argues that the closures were motivated by “unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence,” Trump claims, “JPMC debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so.”
Trump says that the bank committed a form of “trade libel” when it placed his name, and that of his businesses, “and/or family” on a “blacklist,” which was shared with other banks to identify persons with histories of “malfeasant” activity.
The lawsuit says that Dimon himself approved the closure of Trump’s accounts.
In response, JPMorgan Chase said that it regrets ever having to close Trump’s accounts, but said that it acted in strict accordance with “rules and regulatory expectations.”
“We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support the administration’s efforts to prevent the weaponization of the banking sector,” the bank said.
“While we regret President Trump has sued us, we believe the suit has no merit,” JP Morgan said. “We respect the president’s right to sue us and our right to defend ourselves – that’s what courts are for.”
Sources
Trump sues JPMorgan Chase and Jamie Dimon for at least $5bn
Trump sues JPMorgan for $5bn over account closure after Capitol riot
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