Trump goes to battle with America’s prime banker with staggering lawsuit
Donald Trump filed a $5 billion lawsuit against JPMorgan Chase on Thursday.
The president is accusing the financial institution and its CEO Jamie Dimon of de-banking him for political reasons.
Trump’s attorney Alejandro Brito filed in Florida state court in Miami on behalf of the president and his hospitality companies.
The filing alleges that on February 19, 2021, the bank ‘without warning or provocation’ notified Trump and his entities that multiple bank accounts they owned and used ‘would be closed just two months later, on April 19, 2021.’
Brito said the president 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 a statement to the Daily Mail on the lawsuit, a spokesperson for JPMorgan Chase insisted that the institution ‘does not close accounts for political or religious reasons.’
‘We do close accounts because they create legal or regulatory risk for the company,’ the spokesperson clarified. ‘We regret having to do so but often rules and regulatory expectations lead us to do so.’
‘While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for.’
President Donald Trump filed a $5 billion lawsuit in Florida state court in Miami against JPMorgan Chase claiming the financial institution close his accounts for ‘his conservative political views’
The lawsuit names JPMorgan Chase and its CEO Jamie Dimon (pictured)
The lawsuit claims that JPMC did not give the plaintiff any ‘warning or remedy’ before deciding to close the accounts.
Trump had been a customer of JPMorgan for decades, according to the lawsuit and ‘transacted hundreds of millions of dollars’ through their bank over the years, the filing states.
The JPMorgan Chase spokesperson said that they have asked multiple administrations, including Trump’s, to ‘change the rules and regulations that put us in the position’ to close accounts like they did with the president’s.
‘[W]e support the Administration’s efforts to prevent the weaponization of the banking sector,’ they added.
