Donald Trump, the former president of the United States, has filed a lawsuit for $5 billion against JPMorgan Chase. He claims that they illegally shut down his account due to political motives. Trump claims that closures have caused him substantial financial harm and damage to his reputation.
Closed accounts linked to Capitol Riot
The suit focuses on the decision of the bank to close Trump’s account in 2021 shortly after the January 6, Capitol Riot, where supporters tried to disrupt formal certification for the results of 2020.
JPMorgan stated that these closures are not political in nature. According to a spokesperson, the bank only closes accounts when there are legal or regulatory concerns.
Allegations of political bias
The lawsuit, filed in Florida asserts that banks can’t discriminate against their clients because of political beliefs. Trump claims in his complaint that JPMorgan was part of an industry-wide practice to pressure the public into aligning with political ideologies. The filing claims that closures of the bank were due to a belief among the public that Trump’s conservative politics was gaining support.
Libel and blacklist claims
Trump claims that JPMorgan put him, his business, family and other businesses on the “blacklist”. The lawsuit claims that Dimon approved the decision. It also supported the efforts of preventing financial institutions from becoming “weaponized”.
Debanking and regulatory concerns
Trump has repeatedly expressed concern about debanking or closing accounts. Trump has criticised JPMorgan for its practices, and called for a review of the way banks deal with clients.who are politically connected. Nine major US banks were found to have made “inappropriate” distinctions between customers. This was especially true for sectors like oil and gas and private prisons.
Trump vs. Dimon: Ongoing Clash
The lawsuit is the latest in a series of conflicts between Trump and Dimon. Dimon publicly criticised government proposals in recent months action. This Florida case may set precedents on the legality of banks closing accounts based on political reasons.
