Trump Sues Major Bank, Targeting Billionaire CEO in ‘Blacklist’ Case
Former President Donald Trump has initiated a lawsuit against JPMorgan Chase & Co., targeting its CEO, Jamie Dimon. The suit demands at least $5 billion in damages due to allegations that the bank ceased providing banking services to Trump for political reasons. Filed on Thursday in Miami-Dade County, the complaint accuses JPMorgan of trade libel and breaching the implied covenant of good faith. It further alleges that Jamie Dimon violated Florida’s deceptive trade practices law.
Details of the Lawsuit
Trump claims that JPMorgan’s actions caused significant financial and reputational damage. The complaint notes that JPMorgan closed Trump’s accounts about seven weeks after the January 6, 2021, Capitol riot, when Trump’s political influence was waning. The lawsuit alleges that JPMorgan acted without prior warning, motivated by what the company described as “woke” beliefs.
Bank’s Response
JPMorgan has responded to Trump’s claims, asserting that it does not terminate accounts based on political affiliations. They emphasized that account closures occur when there is a legal or regulatory risk involved. The bank expressed regret over the lawsuit while maintaining that it will defend its actions.
Impact on Business Relations
- Trump’s lawsuit highlights concerns regarding financial institutions and their policies toward political clients.
- JPMorgan reportedly placed Trump and his companies on a “blacklist” for wealth management services.
- Florida law prohibits banks from severing relationships based on political beliefs.
Wider Context of ‘Debanking’
The Trump Organization has also taken legal action against Capital One Financial over similar issues. The concept of ‘debanking’ has gained public attention, with Trump arguing that it affects consumers and businesses nationwide.
Following his presidency, Trump has publicly criticized major banks for abandoning clients based on ideological considerations. He has consistently pointed fingers at JPMorgan and Bank of America, accusing them of discriminatory practices against him.
Related Developments
Trump’s aggressive stance on banking and financial services has resulted in executive orders aimed at investigating these practices. As debates on ‘debanking’ intensify, the relationship between politics and banking remains a contentious issue.
