JPMorgan Challenges Trump’s $5 Billion Lawsuit
On Thursday, JPMorgan criticized former President Donald Trump for what they deemed a “fraudulent” attempt to name CEO Jamie Dimon as a defendant in a $5 billion lawsuit concerning the closure of Trump’s bank accounts. The bank claims this move was intended to keep the case alive in Florida.
In a court filing in Miami, JPMorgan requested that the case be moved to federal court, asserting that it would subsequently seek to transfer it to New York. They described Trump’s allegations as “haphazard” and expressed their intention to have him removed from the suit.
According to JPMorgan, Trump’s assertion that Dimon directed banks to “blacklist” him and his businesses doesn’t hold up under federal banking regulations. They argued that Dimon was wrongfully included in the lawsuit, noting that Florida’s Unfair and Deceptive Trade Practices Act doesn’t apply to him due to federal oversight of his position.
Trump filed the lawsuit in January, seeking at least $5 billion in damages, while citing that JPMorgan and Dimon had politically motivated reasons for “unbanking” him and his companies. He claims their accounts were closed in early 2021, shortly after the January 6 Capitol riot, which hindered his ability to access other banking options.
JPMorgan’s filing critiqued Trump’s allegations of a blacklist, labeling them as “unclear” and lacking crucial details, such as what the list entailed, when it was created, and who received it.
The bank’s lawyers expressed disbelief, stating it was “inconceivable” that JPMorgan could maintain such a list in light of the intricate federal regulations that govern their operations.
The conflict arises from JPMorgan’s decision to sever ties with Trump and his businesses in 2021, which the bank earlier attributed to risk evaluations rather than policy motives. This lawsuit underscores ongoing disputes between Trump, conservative figures, and leading financial institutions regarding access to banking services.
As for comments regarding the situation, the media has reached out to the Trump Organization, while a spokesperson from JPMorgan opted not to provide any remarks.
