President Donald Trump filed a lawsuit Thursday against JPMorgan Chase & Co. (NYSE:JPM) and its CEO Jamie Dimon, alleging the bank “debanked” him and related entities for political reasons in early 2021.
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Legal Action in Florida
The lawsuit, seeking at least $5 billion in civil damages, was filed in state court in Miami-Dade County, Florida. The complaint centers on the closure of accounts held by Trump and his affiliates following the Jan. 6, 2021, U.S. Capitol riot and his departure from the White House. The plaintiffs claim the bank severed a multi-decade relationship based on political motivations rather than financial risk.
Allegations of ‘Woke’ Bias
The legal filing takes aim at the bank’s internal culture, alleging that the decision to terminate the accounts was rooted in partisan social views.
“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 alleges.
JPMorgan Rejects Merit
JPMorgan Chase has denied the allegations of political discrimination. In a statement, the bank noted, “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”
JPMorgan Chase continued, “Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”
Davos Tensions and Policy Clashes
The lawsuit follows a public clash at the World Economic Forum in Davos. On Wednesday, Dimon called Trump’s proposed 10% cap on credit card interest rates an “economic disaster.” Dimon warned the cap would “remove credit from 80% of Americans.”
Image via Shutterstock/ Joey Sussman
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