Trump sues the largest US bank and demands $5 billion
The president accuses JPMorgan and its CEO, Jamie Dimon, of "debanking" his businesses after the January 6, 2021 attack on the Capitol.
BarcelonaA new act of revenge by the US president against those he considers enemies. Donald Trump has filed a $5 billion lawsuit (€4.256 billion at the current exchange rate) against JPMorgan Chase, the largest bank in the US, accusing it of ceasing to provide him with financial services after the attack on the Capitol on January 6, 2021. The bank announced this in a statement.
Trump's lawyer, Alejandro Brito, filed the lawsuit against the bank and its CEO, Jamie Dimon, on Thursday morning in the Florida state court in Miami, on behalf of the president and several of his hospitality companies, according to Fox Business. "Despite claiming to value these principles (the bank's code of conduct), JPMC violated them by unilaterally closing, without prior notice or recourse, several of the plaintiff's bank accounts," the statement reads, according to the network.
Trump had said over the weekend that he planned to sue JPMorgan sometime in the next two weeks for allegedly "debanking" him after the January 6, 2021, attack on the U.S. Capitol by his supporters. "While we regret that President Trump has sued us, we believe the lawsuit is without merit. We respect the president's right to sue us and our right to defend ourselves," JPMorgan said.
Account Closure
"JPMC does not close accounts for political or religious reasons. We close accounts because they create a legal or regulatory risk for the firm. We regret having to do so, but often regulations and regulatory expectations force us to," the entity added. Last month, a U.S. banking regulator reported that the country's nine largest banks had previously imposed restrictions on providing financial services to some controversial industries, a practice commonly called "debanking." Banks have faced increasing political pressure in recent years, particularly from conservatives who argue that lenders have improperly adopted "woke" political stances and, in some cases, discriminated against certain industries such as firearms and fossil fuels. This pressure has intensified during Trump's second term, with the Republican president claiming in interviews that some banks have refused to provide services to him and other conservative politicians. The banks have denied that allegation.
