JPMorgan Chase has, for the first time, acknowledged that it closed bank accounts associated with US President Donald Trump in the aftermath of the 6 January 2021 attacks on the US Capitol.
As per a report by Associated Pressthe acknowledgment by JPMorgan came in a court filing this week in a lawsuit filed by Trump against the investment bank and its chief, Jamie Dimon.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB [commercial bank] and PB [private bank] would be closed,” JPMorgan’s former chief administrative officer Dan Wilkening wrote in the court filing, as per AP.
Up until now, the bank had not admitted to closing Trump’s accounts after the 6 January insurrection, and the admission drew a sharp reaction from the US President’s lawyers.
“In a devastating concession that proves President Trump’s entire claim, JPMorgan Chase admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm,” Trump’s lawyers said in a statement.
“President Trump is standing up for all those wrongly debanked by JPMorgan Chase and its cohorts, and will see this case to a just and proper conclusion,” the statement further said.
Trump vs JPMorgan
Trump’s $5 billion lawsuit against JPMorgan Chase alleges that his accounts were closed for political reasons, which disrupted his business operations.
Trump, who sued JPMorgan in a Florida state court, accused the bank of trade libel and of carrying out unfair and deceptive trade practices under state and federal law.
In the original lawsuit, Trump claimed that he tried to raise the issue personally with Jamie Dimon after the JPMorgan sent him notices that his accounts would be closed, with Dimon assuring him that his concerns would be looked into. However, the JPMorgan CEO never followed up, Trump’s lawsuit alleges.
Further, Trump’s lawyers allege that JPMorgan placed the US President and his companies on a reputational “blacklist” that both JPMorgan and other banks use to keep clients from opening accounts with them in the future.
This claim, however, has yet to be substantiated, with Trump’s lawyers yet to define the said ‘blacklist’.
“If and when Plaintiffs explain what they mean by this “blacklist,” JPMorgan will respond accordingly,” the bank’s lawyers said in a filing, as per AP.
The bank holds that Trump’s lawsuit has no merit.
(With inputs from agencies)
