President Donald Trump filed a lawsuit JP Morgan Chase On Thursday, the bank said it and CEO Jamie Dimon had closed the bank’s accounts for him and his affiliates in early 2021 after decades of being customers of the bank for political reasons.
The shutdown comes shortly after the president vacated the White House following a riot by Trump supporters at the U.S. Capitol on January 6, 2021, and the confirmation of his election loss to former President Joe Biden later that month.
Trump and the other plaintiffs in the case are seeking at least $5 billion in civil damages.
“Plaintiffs believe that JPMC’s unilateral decision was driven by political factors.”
JPMC’s unsubstantiated “woke” belief that social motives and the need to distance
itself from President Trump and his conservative political views,” the lawsuit alleges.
“Essentially, JPMC suspended Plaintiffs’ bank accounts because it believed current political trends favored doing so,” the lawsuit filed in state court in Miami-Dade County, Florida, states.
The complaint states that JPMorgan’s “reckless decisions are leading the way in a growing trend of financial crisis by financial institutions.”
The United States would require that a consumer’s access to banking services be cut off if the consumer’s political views conflict with those of the financial institution. ”
JPMorgan said in a statement to CNBC: “We regret that President Trump has sued our company, but we believe the lawsuit is without merit.”
“We respect the president’s right to sue us and his right to defend himself. That’s what the courts are for,” said Patricia Wexler, a spokeswoman for the bank. “JPMC does not close accounts for political or religious reasons.”
“We close accounts because they present a legal or regulatory risk to the company. We regret that we had to do so, but often we do so due to rules and regulatory expectations,” Wexler said.
“We are calling on both the current and previous administrations to change the rules and regulations that put us in this position, and we support their efforts to stop the weaponization of banks.”
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