The President said the largest bank in the nation stopped doing business with him for political reasons.
By Catholics for Catholics
Stating that the country’s largest bank ceased doing business with him for political reasons, President Donald Trump filed a lawsuit against JPMorgan Chase.
According to Newsmax, the lawsuit, which seeks $5 billion in damages, was filed in state court in Florida and also named Jamie Dimon, the bank’s chief executive, as a defendant. The suit alleges that JPMorgan Chase stopped doing business with him due to the Jan. 6, 2021 attack at the Capitol.
Filed in Miami-Dade County state court, the suit contends violations of Florida’s Unfair and Deceptive Trade Practices Act, trade libel and breach of good faith. Trump said the bank gave him just 20 days to close accounts he held for decades, a move he claims reflects ideological discrimination.
JPMorgan countered by saying it regretted the lawsuit, contending that it has no merit. It refused to reject customers for political reasons.
“While we regret that President Trump has sued us, we believe the suit has no merit,” a JPMorgan Chase spokesperson said in a statement. “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.
“JPMC does not close accounts for political or religious reasons,” the statement continued. “We close accounts because they create legal or regulatory risk for the company. 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,” JPMorgan Chase continued.
The lawsuit takes the President’s movement against “debanking” to another level. Lately, large lenders have been undergoing scrutiny over whether political views have any say in the access to financial services.
Last year, JPMorgan disclosed it is already facing reviews and legal actions tied to the administration’s crackdown on the practice.
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