President Donald Trump sued JPMorgan Chase and its CEO, Jamie Dimon, connected Thursday for closing his and related entities' accounts successful aboriginal 2021 aft decades of being customers of the bank, allegedly for governmental reasons.
The closures came connected the heels of the Jan. 6, 2021, riot by Trump supporters astatine the U.S. Capitol, and the president exiting the White House aboriginal that aforesaid period aft his electoral nonaccomplishment to erstwhile President Joe Biden was confirmed.
"Plaintiffs are assured that JPMC's unilateral determination came astir arsenic a effect of political
and societal motivations, and JPMC's unsubstantiated, 'woke' beliefs that it needed to distance
itself from President Trump and his blimpish governmental views," the suit alleges.
"In essence, JPMC debanked Plaintiffs' Accounts due to the fact that it believed that the governmental tide astatine the infinitesimal favored doing so," says the suit, which was filed successful authorities tribunal successful Miami-Dade County, Florida.
The suit says that JPMorgan's "reckless determination is starring a increasing inclination by fiscal institutions in
the United States of America to chopped disconnected a consumer's entree to banking services if their governmental iews contradict with those of the fiscal institution."
JPMorgan, successful a connection to CNBC, said, "While we regret President Trump has sued us, we judge the suit has nary merit."
"We respect the President's close to writer america and our close to support ourselves - that's what courts are for," said the bank's spokeswoman, Patricia Wexler. "JPMC does not adjacent accounts for governmental oregon spiritual reasons."
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"We bash adjacent accounts due to the fact that they make ineligible oregon regulatory hazard for the company. We regret having to bash truthful but often rules and regulatory expectations pb america to bash so," Wexler said.
"We person been asking some this Administration and anterior administrations to alteration the rules and regulations that enactment america successful this position, and we enactment the Administration's efforts to forestall the weaponization of the banking."
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