President Trump is suing JPMorgan Chase and CEO Jamie Dimon for at least $5 billion, accusing the financial institution of closing his and related entities’ accounts for political reasons.
The closures came on the heels of the Jan. 6, 2021, riot by Mr. Trump’s supporters at the Capitol.
“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.
Mr. Trump had been a customer for decades, and the suit says he and his affiliated entities “have transacted hundreds of millions of dollars” through JPMorgan Chase.
The plaintiffs are seeking at least $5 billion in civil damages.
The lawsuit, filed Thursday in the Florida state court in Miami by the president’s attorney, Alejandro Brito, was on behalf of the president and several of his hospitality companies.
It accuses the bank of trade libel and breach of the implied covenant of good faith and fair dealing, adding that Mr. Dimon violated the Florida Unfair and Deceptive Trade Practices Act.
Mr. Brito said the bank is supposed to operate “with the highest level of integrity and ethical conduct,” quoting JPMorgan’s code of conduct.
The lawsuit further cited that code, which states, “We set high expectations and hold ourselves accountable. We do the right thing — not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior.”
The complaint says that despite claiming to hold these principles, the bank “violated them by unilaterally — and without warning or remedy — terminating several of Plaintiff’s bank accounts.”
JPMC’s decision is leading a “growing trend” for financial institutions to cut off consumers’ access to banking services if their political views contradict the financial institution’s, the lawsuit says.
A bank spokeswoman said in a statement, “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.”
She said JPMC does not close accounts for political reasons but will do so if 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. We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector,” she continued.
• Mary McCue Bell can be reached at mbell@washingtontimes.com.
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