Donald Trump he alleged that JPMorgan placed him and his family members on a “blacklist” and closed his account. Trump's conflict with Dimon intensified after the banker defended Federal Reserve Chairman Jerome Powell and called one of the US president's ideas “an economic disaster.”
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Donald Trump believes that JPMorgan stopped offering him banking services after the Capitol riot on January 6, 2021. Earlier this month, the US president claimed that the bank had engaged in “unjust and inappropriate” discrimination against him.
The lawsuit was filed in Miami by Alejandro Brito, Trump's personal lawyer, who was also involved in the president's legal actions against media companies such as ABC News and the BBC, accusing them of defamation.
JPMorgan: The lawsuit is baseless
“While we regret that President Trump sued us, we believe the lawsuit is without merit,” JPMorgan said in a statement. “We respect the president's right to sue us and our right to defend ourselves — that's what the courts are for.”
The bank “does not close accounts for political or religious reasons” – added the spokesman. “We close accounts because they pose a legal or regulatory risk to the company. We regret that we have to do this, but often rules and regulatory expectations compel us to do so.”
In Thursday's lawsuit, Trump's lawyers accused JPMorgan of blacklisting Trump, the Trump Organization and its affiliates, as well as members of Trump's family.
JPMorgan “failed to provide Plaintiffs with any remedy, relief or alternative – its decision was final and unambiguous,” the lawsuit claims, adding that Trump and the other plaintiffs are “confident that JPMC's unilateral decision was the result of political and social motivations and JPMC's unfounded 'woke' belief that it needed to distance itself from President Trump and his conservative political opinions.”
US President vs. Jamie Dimon
Last weekend, Trump announced on social media that he would file a lawsuit against JPMorgan, accusing the bank of deleting his accounts after the January 6 riots. Trump said several banks, including JPMorgan and Bank of America, rejected his deposits after the riot, though both banks denied the allegations.
The post appeared to be inspired by Wall Street Journal reporting that Trump offered Dimon the position of Federal Reserve chairman last year. Trump denied it and announced that he would sue the bank.
In response to Saturday's social media post, JPMorgan said: “We agree that no one's account should ever be terminated based on political or religious beliefs.”
“We appreciate that this administration has taken action to address political debanking and we support these efforts,” the statement said.
Jamie Dimon on Trump's idea: economic disaster
Dimon defended U.S. Federal Reserve Chairman Jerome Powell earlier this month after it was revealed that Trump's Justice Department had opened a criminal investigation against him.
During this year's World Economic Forum in Davos, Dimon was particularly critical of Trump's proposal to limit credit card interest rates to 10 percent. , calling the idea a potential “economic disaster.”
