President Trump filed a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, alleging that the bank closed accounts belonging to Trump and related entities in early 2021 as a political action.
The closures followed the January 6, 2021, riot by Trump supporters at the U.S. Capitol, and took place after Trump left the White House later that month, following the confirmation of his electoral loss to Joe Biden.
Speaking to reporters in Davos, Switzerland, Trump said, “He debanked me. He shouldn’t be debanking… It’s so wrong.”
“Jamie Dimon is not allowed to do what he did.”
In response to Trump’s suit, JPMorgan stated that it did not shut down Trump’s accounts for political reasons. Instead, the bank said the closures were due to federal rules and regulations, which it has been trying to change during this and previous presidential administrations.
Trump and the other plaintiffs, long-standing clients of the bank, are demanding at least $5 billion in civil damages.
The suit, which spans 56 pages, alleges that JPMorgan failed to disclose the reasons for terminating the accounts.
It states: “Plaintiffs are 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 essence, JPMC debanked Plaintiffs’ Accounts because it believed that the political tide at the moment favored doing so.”
The news about the lawsuit follows shortly after JPMorgan Chase CEO Jamie Dimon expressed several criticisms of the current administration, particularly targeting Trump’s economic and immigration policies during the World Economic Forum in Davos, Switzerland.
Dimon stated that the United States is now “less reliable” as a global ally under President Trump’s administration.
JPMorgan Chase’s CEO also criticized President Trump’s recent proposal to impose a 10 percent cap on credit card interest rates, calling it “an economic disaster.”
By CEO NA Editorial Staff
