Trump sues JPMorgan and its CEO for $5B
What's the story
Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. The US president accuses the bank of "debanking" him after the Capitol riot on January 6, 2021. He claims that JPMorgan Chase stopped providing banking services to him in the wake of the incident. In the lawsuit, filed by Alejandro Brito, Trump's personal lawyer based in Miami, Trump accuses JPMorgan Chase of "incorrectly and inappropriately" discriminating against him.
Information
Trump's allegations against JPMorgan
Trump claims that the bank put him, his organization and affiliated entities on a blacklist. The lawsuit further alleges that Trump and other plaintiffs are "confident that JPMC's unilateral decision came about as a result of political and social motivations."
Bank's defense
JPMorgan responds to Trump's lawsuit
In response to the lawsuit, a spokesperson for JPMorgan said the bank "does not close accounts for political or religious reasons." The spokesperson added that account closures are done when they pose legal or regulatory risks for the company. "We regret having to do so but often rules and regulatory expectations lead us to do so," they said.
Deposit rejection
Trump's claims of banks rejecting deposits
Trump has claimed that several banks, including JPMorgan Chase and Bank of America, rejected his deposits after the January 6 riot. However, both banks have denied these allegations. The US president had also denied a Wall Street Journal report suggesting he offered Dimon the position of Federal Reserve chair last year.
Policy disagreement
Dimon's stance on Trump's policies
Dimon has defended Fed chair Jerome Powell against a criminal investigation launched by Department of Justice (DOJ). However, he disagrees with some of the Fed's policy decisions. Responding to Dimon's defense of Powell, Trump said he was wrong and that "it's fine what I'm doing." The president also criticized Dimon for wanting higher rates, saying "Jamie Dimon probably wants higher rates, maybe he makes more money that way."