Reported from the source

Quick summary: Former President Donald Trump and related entities have sued JPMorgan Chase and its CEO, Jamie Dimon, alleging their accounts were closed in early 2021 for political reasons following the January 6th Capitol riot. The lawsuit, filed in Miami-Dade County, Florida, seeks at least $5 billion in civil damages. JPMorgan Chase has denied the allegations, stating that account closures are due to federal rules and regulatory risk, not political or religious motivations.

President Donald Trump, along with Trump Payroll Corp. and various limited liability corporations, filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon on Thursday. The plaintiffs allege that the bank closed their accounts in early 2021, after decades of being customers, for political reasons. The closures occurred shortly after the January 6, 2021, riot at the U.S. Capitol by Trump supporters and his departure from the White House. The lawsuit claims that JPMorgan’s decision stemmed from “political and social motivations” and “unsubstantiated, ‘woke’ beliefs” to distance itself from President Trump and his conservative political views. It further alleges that the bank failed to disclose the reasons for termination, but plaintiffs later learned it was due to political discrimination. The suit also suggests that JPMorgan, at Dimon’s direction, unlawfully published their names on a “blacklist” accessible by federally regulated banks, implying malfeasant acts, despite the plaintiffs asserting they have always complied with banking rules and regulations. The complaint alleges trade libel and breach of implied covenant of good faith and fair dealing by JPMorgan, and violations of Florida’s Unfair and Deceptive Trade Practices Act by Dimon. The plaintiffs are seeking at least $5 billion in civil damages. JPMorgan Chase, in a statement, denied closing Trump’s accounts for political reasons. The bank suggested that the closures were a result of federal rules and regulations, which it has been seeking to change across multiple presidential administrations. Patricia Wexler, a spokeswoman for the bank, stated, “While we regret President Trump has sued us, we believe the suit has no merit.” She added, “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.” Wexler also noted the bank’s support for efforts to prevent the “weaponization of the banking.”

Source: www.cnbc.com