Donald Trump is trying to take revenge on financial institutions that dropped him after the January 6, 2021 Capitol insurrection.
The president filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon Thursday in Florida state court, seeking $5 billion in damages and accusing the bank of ending its business with him for political reasons. The lawsuit claims that Trump, his family, and different businesses were put on a blacklist “for any wealth management accounts that they have title to,” and asserts that Dimon authorized the action.
“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views,” the lawsuit states. It also claims that JPMorgan never stated why it was closing Trump’s accounts.
Trump and his businesses “learned that they were debanked as a result of political discrimination against President Trump, the Trump Organization, its affiliated entities, and/or the Trump family,” the lawsuit states, though it does not explain how Trump and his businesses deduced this.
In a statement to CNBC, JPMorgan said, “While we regret President Trump has sued us, we believe the suit has no merit.”
“JPMC does not close accounts for political or religious reasons,” said spokesperson Pamela Wexler. “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 lawsuit follows a threat from Trump on his Truth Social account on Saturday to sue JPMorgan Chase “for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting – The Election was RIGGED!”
Trump already sued Capital One last year for dropping his accounts, and has joined his fellow conservatives in complaining about “debanking,” signing an executive order in September “guaranteeing fair banking for all Americans.” But the Consumer Financial Protection Bureau has only received 35 total complaints related to political debanking since 2012, raising the question of whether Trump and the right are trying to force banks into submission.
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