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Former President Donald Trump has initiated legal action against JPMorgan Chase, filing a $5 billion lawsuit alleging the bank unlawfully closed his accounts due to political bias.
The suit, which also names CEO Jamie Dimon, contends that Trump and his affiliated businesses suffered “considerable financial and reputational harm” following the abrupt closure of their accounts in 2021.
JPMorgan Chase reportedly moved to close the accounts after the January 6, 2021, incident at the U.S. Capitol, during which Trump supporters disrupted the certification of the election results.
A spokesperson for JPMorgan Chase stated, “the suit has no merit,” adding, “JPMC does not close accounts for political or religious reasons.”
“We do close accounts because they create legal or regulatory risk for the company,” the bank elaborated in its statement.
The lawsuit, foreshadowed by Trump over the weekend, marks the latest episode in a series of disagreements between Trump and Dimon, who has led JPMorgan for two decades.
Recently, Dimon has also publicly opposed the current administration’s proposal to cap credit card rates and voiced concerns regarding its immigration policies and relationship with the Federal Reserve.
The complaint was filed in Florida, a state with regulations that prohibit banks from discriminating against clients based on their political affiliations.
In the lawsuit, reviewed by CBS, the BBC’s U.S. news partner, Trump argues that JPMorgan’s decision to close his accounts served 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 asserts that the decision was motivated by “unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence, JPMC debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so,” the document states.
Trump further accuses the bank of trade libel, citing its decision to place his name, along with those of his businesses “and/or family,” on a “blacklist” – a roster shared with other banks intended to identify individuals with a history of “malfeasant” activity.
The lawsuit alleges that Dimon personally approved this action.
Following the Capitol riot, numerous companies distanced themselves from business dealings with the former president.
In its statement on Thursday, JPMorgan Chase acknowledged the regret associated with closing accounts but emphasized that “rules and regulatory expectations” often necessitate such decisions.
“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 weaponisation of the banking sector,” the statement concluded.
The issue of debanking, or the closure of accounts, has been a priority for Trump, who has publicly criticized JPMorgan Chase and other banks for the practice and called for a review of their activities.
Last month, regulators reported that nine of the nation’s largest banks had made “inappropriate distinctions” among customers based on their business activities, with sectors such as oil and gas, private prisons, and adult entertainment facing restricted access.
The legislation was due to be debated in Lords on Monday.
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