JPMorgan Chase has acknowledged that it terminated President Donald Trumps banking relationship in the immediate aftermath of the Jan. 6, 2021, disturbance at the U.S. Capitol, a move now at the center of a multibillion-dollar legal battle.
According to Western Journal, Trump has filed a $5 billion lawsuit against JPMorgan and its CEO, Jamie Dimon, alleging that the banks actions were driven by political animus rather than neutral business considerations. The complaint contends that the closures damaged his companies and set a dangerous precedent in which powerful financial institutions can punish disfavored political figures and their associates.
In a devastating concession that proves President Trumps entire claim, JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm, Trumps lawyers said in a statement. President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and will see this case to a just and proper conclusion, the statement added, framing the lawsuit as a broader stand against politicized banking.
The banks former chief administrative officer, Dan Wilkening, confirmed in a court filing that in February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgans CB and PB would be closed. He clarified that PB refers to private bank, while CB denotes commercial bank, indicating that both personal and business accounts were targeted.
This filing marked the first time JPMorgan explicitly admitted to closing Trumps accounts, undercutting earlier efforts by major corporations to distance themselves quietly from conservative figures after Jan. 6. The February 2021 letter cited in the filing stated that JPMorgan has decided to close its banking relationship with The Trump Corporation and its affiliated entities, according to Newsweek.
Please transfer your Accounts to another institution, or let us know where we should transfer the holdings in your Accounts, as soon as possible, the bank wrote, effectively forcing Trumps enterprises to scramble for alternative financial services. We will continue to maintain your Accounts and related services until April 19, 2021, it added, setting a firm deadline for the severed relationship.
Trump has said he personally raised the issue with Dimon and that the CEO assured him he would look into the matter, according to CNBC. The lawsuit alleges that Dimon then failed to act, reinforcing the perception that the decision to cut ties was deliberate and politically motivated.
Trumps legal team further claims that JPMorgan placed Trump and his businesses on a blacklist shared among financial institutions to prevent them from opening new accounts elsewhere. He has lodged similar accusations against Capital One, where a separate lawsuit remains pending, highlighting growing conservative concerns that the nations largest banks are being weaponized against those who challenge the prevailing liberal orthodoxy.
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