Trump claims that JPMorgan closed his accounts for political reasons and is suing the bank for $5 billion
Trump has filed a $5 billion lawsuit against JPMorgan, alleging that the bank stopped his accounts for political purposes, harming his finances and reputation.
The largest bank in the nation, JPMorgan Chase, is facing a $5 billion (£3.7 billion) lawsuit from US President Donald Trump, who claims the bank unlawfully froze his and his companies’ accounts in 2021 for political reasons. Jamie Dimon, the CEO of JPMorgan, is also named in the lawsuit.
Following the Capitol riot on January 6, 2021, in which Trump supporters tried to obstruct the certification of the 2020 election results, Trump asserts that the closures caused “considerable financial and reputational harm.”
The complaint claims that JPMorgan acted on “unsubstantiated, ‘woke’ beliefs” and attempted to disassociate itself from Trump and his conservative political views. It was filed in Florida, a state that prohibits banks from discriminating against customers based on their political beliefs. In order to pressure the public to change their political allegiances, the bank decided to terminate the accounts, which was part of a “systemic, subversive industry practice,” according to the petition.
Trump also charged JPMorgan with trade libel, saying that Dimon authorized the placement of his name, the names of his companies, and perhaps his family on a “blacklist” that was shared with other banks to identify customers who had a history of “malfeasant” behavior.
A representative at JPMorgan denied the claims, saying, “The suit has no merit.” Accounts are never closed by JPMC for religious or political grounds. We close accounts because they put the business at risk for legal or regulatory issues. Although the bank expressed remorse for having to cancel accounts, it maintained that these choices were frequently motivated by regulatory requirements.
The lawsuit is the most recent confrontation between Trump and Dimon, who has criticized several of the administration’s policies, such as plans to cap credit cards and the way the government handles the Federal Reserve.
Trump, who has previously criticized several banks for limiting access to industries including oil and gas, private prisons, and adult entertainment, has made debanking—the act of shutting accounts—a recurrent complaint. Nine large US banks were recently discovered by regulators to have made “inappropriate distinctions” among its clientele depending on their business operations.
