donald trump A major lawsuit has been filed against JPMorgan Chase. The US President recently accused the country’s largest bank of politically motivated “de-banking”.
Donald Trump files $5 billion lawsuit against JPMorgan Chase
Donald Trump sued JPMorgan Chase and its CEO Jamie Dimon for $5 billion on Thursday, accusing the bank of “de-banking.” He alleged that the largest US bank had closed his accounts after the Capitol attack on January 6, 2021.
Trump’s personal attorney, Alejandro Brito, who worked with him on defamation suits against ABC News and the BBC, filed the suit in Miami. Trump’s legal team claimed that JPMorgan Chase had blacklisted the president, his associates, and some family members.
The lawsuit alleged that JPMorgan “provided no recourse, remedy or alternative to the plaintiffs – its decision was final and unambiguous.” It claims Trump “believes JPMC’s unilateral decision came as a result of political and social motivations and JPMC’s unproven, ‘woke’ beliefs that it needs to distance itself from President Trump and his conservative political reviews.”
JPMorgan Chase spokeswoman Trish Wexler said in this regard, “While we are sorry that President Trump has sued us, we believe the lawsuit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what the courts are for.”
Wexler further said that the bank “does not close accounts for political or religious reasons.” He said, “We close accounts because they pose a legal or regulatory risk to the company. We regret having to do so, but often rules and regulatory expectations lead us to do so.”
The lawsuit comes just a week after Trump threatened to sue JPMorgan Chase on social media. The president wrote that he would file a lawsuit against the bank “in the next two weeks.”
Originally reported by Namrata Ghosh Mandatory