Trump Sues JPMorgan And CEO Jamie Dimon For $5 Billion Over Alleged 'Political' Debanking
President Donald Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the banking giant debanked him for political reasons.
The lawsuit was filed Thursday morning in a Miami state court by his attorney, Alejandro Brito, on behalf of Trump and several of his hospitality companies.
The complaint cites JPMorgan's code of conduct, which reads: "We set high expectations and hold ourselves accountable. We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior."
According to Brito, "Despite claiming to hold these principles dear, JPMC violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts."
Trump and his companies have "transacted hundreds of millions of dollars" through the bank, the lawsuit reads, adding that Feb. 19, 2021 was the day that "forever altered the dynamic of the parties’ relationship," when the bank allegedly "without warning or provocation," notified Trump and his companies that several of their bank accounts or were beneficiaries of, "would be closed just two months later, on April 19, 2021."
"JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal," reads the suit.
JPMorgan Responds
In a statement following the filing of the suit, the bank blamed "rules and regulatory expectations."
"We do close accounts because they create legal or regulatory risk for the company," adding "We regret having to do so but often rules and regulatory expectations lead us to do so. 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."
According to Trump's attorney, his team is "confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views."
"In essence, JPMC debunked plaintiff’s accounts because it believed that the political tide at the moment favored doing so," reads the complaint. "In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution."
https://www.zerohedge.com/political/trump-sues-jpmorgan-and-ceo-jamie-dimon-5-billion-over-alleged-political-debanking