Trump sues JPMorgan Chase, CEO Jamie Dimon for $5 – Business News
President Trump has adopted by way of on his menace to sue JPMorgan Chase and CEO Jamie Dimon for $5 billion, accusing the nation’s largest bank of politically motivated “debanking” after Jan. 6.
The swimsuit, filed Thursday in Florida state courtroom in Miami, claims JPMorgan severed Trump’s banking ties in early 2021 for political causes, abruptly closing a number of accounts tied to the president and his companies after decades-long relationship.
Trump’s lawyer, Alejandro Brito, alleges the bank acted “without warning or remedy,” giving Trump and his affiliated entities simply weeks to maneuver lots of of hundreds of thousands of {dollars} and offering no recourse, a choice the lawsuit says violated JPMorgan’s own code of conduct and amounted to unfair and misleading commerce practices.
President Trump has adopted by way of on his menace to sue JPMorgan Chase and CEO Jamie Dimon for $5 billion. AP
“We set high expectations and hold ourselves accountable. We do the right thing — not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior,” the lawsuit states, citing the bank’s code of conduct.
“Despite claiming to hold these principles dear, JPMC violated them by unilaterally — and without warning or remedy — terminating several of Plaintiff’s bank accounts,” the lawsuit claims.
The submitting alleges that JPMorgan’s choice was pushed by what it calls “political and social motivations,” accusing the bank of searching for to distance itself from Trump and his conservative views within the aftermath of the Jan. 6, 2021 Capitol riot.
The lawsuit additional claims JPMorgan positioned Trump, his household and affiliated companies on an inside “blacklist” shared with different federally regulated banks, an allegation the submitting says led different financial establishments to refuse to do business with him and brought on vital financial and reputational hurt.
“Given that Plaintiffs have always complied with all applicable banking rules and regulations and their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the Trump family’s names on this blacklist, is an intentional and malicious falsehood,” the lawsuit states.
Trump alleges that JPMorgan, headed by Dimon (pictured), closed his accounts for political causes. AP
Trump is alleging that JPMorgan Chase engaged in “an unfair and deceptive trade practice” by directing the publication of the names to the listing, noting that the bank “had no legitimate basis to do so and knew that doing so would induce, and did in fact induce, other banking institutions not to deal with them.”
A JPMorgan spokesperson informed The Post: “JPMC does not close accounts for political or religious reasons. We do 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,” the spokesperson added.
JPMorgan closed Trump’s accounts following the Jan. 6, 2021, riots on the US Capitol. AFP by way of Getty Images
“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.”
Trump’s relationship with JPMorgan has deteriorated sharply amid overlapping political, regulatory and personal disputes.
The lawsuit follows months of friction, together with Dimon’s public criticism of some Trump administration’s insurance policies — most notably his warning that the Justice Department’s felony probe into Federal Reserve Chair Jerome Powell dangers undermining the central bank’s independence and will backfire by pushing rates of interest greater.
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JPMorgan has additionally pushed back in opposition to a White House proposal to cap credit card curiosity charges at 10% for a 12 months, with bank executives warning the transfer may limit entry to credit, harm shoppers and disrupt the financial system.
Tensions spilled into the open again after Dimon criticized Trump’s immigration crackdown on the World Economic Forum in Davos, calling for calmer rhetoric and questioning aggressive ICE enforcement techniques — remarks that marked one of probably the most direct rebukes of the president by a sitting Wall Street CEO.
Trump has not been shy about wielding the menace of litigation in opposition to his perceived adversaries.
The president has reached settlements with Paramount, Disney’s ABC News, YouTube and Meta, stemming from disputes over interviews, on-air statements and the suspension of Trump’s social media accounts after Jan. 6.
Those instances have been resolved with out admissions of wrongdoing, as firms opted to pay tens of hundreds of thousands of {dollars} slightly than face extended courtroom battles.
The Post has sought remark from the White House.
