President Trump has filed a $5 billion lawsuit against JPMorgan Chase Bank and its CEO, Jamie Dimon, alleging that the bank closed his accounts in 2021 due to "political" motivations. The suit claims that the bank was influenced by what Trump describes as "woke beliefs," which led to a significant financial impact on his hospitality companies.
According to Trump's lawyer, Alejandro Brito, the debanking had a devastating effect on Trump's ability to transact and access assets, causing extensive reputational harm. The president's companies were given notice in February 2021 that they should take their business elsewhere, but the lawsuit says this was an attempt by JPMorgan Chase to force Trump and his businesses into accepting less favorable terms at other banks.
The suit also alleges that Trump, his family, and businesses were blacklisted by JPMorgan Chase, with the bank urging other financial institutions to avoid doing business with them. The bank has denied these claims, saying they have no merit and that they do not close accounts due to political or religious reasons.
JPMorgan Chase spokespersons stated that the company respects Trump's right to sue but believes the suit is without merit. They also expressed their support for the administration's efforts to prevent the "weaponization" of the banking sector.
This lawsuit comes as debanking has been a focus for the administration in recent months, with President Trump signing an executive order aimed at preventing financial institutions from restricting access to services based on political or religious beliefs. The Office of the Comptroller of the Currency is investigating this matter and has already released preliminary findings indicating that some major banks have improperly refused to do business with certain industries.
Trump's lawsuit follows his earlier claims that the January 6th protest was correct, despite being disputed by many experts and officials.
According to Trump's lawyer, Alejandro Brito, the debanking had a devastating effect on Trump's ability to transact and access assets, causing extensive reputational harm. The president's companies were given notice in February 2021 that they should take their business elsewhere, but the lawsuit says this was an attempt by JPMorgan Chase to force Trump and his businesses into accepting less favorable terms at other banks.
The suit also alleges that Trump, his family, and businesses were blacklisted by JPMorgan Chase, with the bank urging other financial institutions to avoid doing business with them. The bank has denied these claims, saying they have no merit and that they do not close accounts due to political or religious reasons.
JPMorgan Chase spokespersons stated that the company respects Trump's right to sue but believes the suit is without merit. They also expressed their support for the administration's efforts to prevent the "weaponization" of the banking sector.
This lawsuit comes as debanking has been a focus for the administration in recent months, with President Trump signing an executive order aimed at preventing financial institutions from restricting access to services based on political or religious beliefs. The Office of the Comptroller of the Currency is investigating this matter and has already released preliminary findings indicating that some major banks have improperly refused to do business with certain industries.
Trump's lawsuit follows his earlier claims that the January 6th protest was correct, despite being disputed by many experts and officials.
i mean i get it he thinks they're being unfair but cmon dude if u got a problem with the bank just pay them back or take ur biz elsewhere lol. and what's up w/ these "woke beliefs" tho? like how can one banks refusal to do business w/ him because of his views be considered political 
anyway i'm low-key kinda worried about this banking thingy cuz if jpmorgan chase is being investigated for blacklisting ppl due to politics then that sounds super problematic 
I mean, come on, $5 billion lawsuit? That's just insane! I remember when Trump was still president, he was all about "fake news" and "deep state" conspiracies... now he's suing a major bank over his own accounts being closed? It sounds like he's trying to deflect from something. 
I mean, can you imagine if your bank found out you were going to support some shady politician and then suddenly closed your account? 
That's just good business sense.
. It's like, if the bank was being unfair or something, wouldn't they just be like "hey, we're sorry" instead of going all out with a lawsuit? 
I mean, I guess it's good that Trump is speaking up about this stuff, but at the same time, it's also kinda weird that he's accusing JPMorgan Chase of being all discriminatory and stuff. Can't we just try to understand where each other's coming from, you know? 
I mean, what exactly does that even mean? Is he implying that the bank was trying to silence him or something? And if so, isn't that a pretty big accusation? 
. and let's be real, these "woke beliefs" he's always talking about? come on, dude... it's just an excuse for some shady business dealings 
. anyway, gotta see how this one plays out, but i'm not holding my breath