JPMorgan Chase has for the first time publicly acknowledged that it closed President Donald Trump’s bank accounts and those of several of his businesses in the months after the January 6, 2021, attack on the U.S. Capitol, marking a significant shift in its stance over the issue known as “debanking."
The disclosure was made in a court filing submitted this week in Trump’s lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. The president is seeking $5 billion in damages, claiming his accounts were shut down for political reasons, causing significant disruption to his business operations.
“In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed," JPMorgan’s former chief administrative officer Dan Wilkening wrote in the court filing. The “PB" and “CB" stands for JPMorgan’s private bank and commercial bank.
Till now, JPMorgan has never admitted it closed the president’s accounts in writing after Jan. 6. The bank would only speak hypothetically about when the bank closes accounts and its reasons for closing accounts, citing bank privacy laws.
A spokesperson for JPMorgan Chase declined to offer additional comment beyond the bank’s statements in its court filings.
Trump initially filed the lawsuit in Florida state court, where he now maintains his primary residence. The latest filings are part of JPMorgan’s push to shift the case from state to federal court and to transfer jurisdiction to New York, where the accounts were held and where Trump conducted much of his business until recently.
Originally, Trump accused the bank of trade libel and violating state and federal unfair and deceptive trade practices.
In the original lawsuit, the president said he tried to raise the issue personally with Dimon after the bank sent him notices that JPMorgan would close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump.
Additionally, Trump’s attorneys claim that JPMorgan Chase placed the president and his businesses on a reputational “blacklist," which they allege is shared within the bank and possibly with other financial institutions to prevent future account openings. However, the president’s legal team has not yet clearly defined or detailed the nature of the alleged blacklist.
“If and when Plaintiffs explain what they mean by this “blacklist," JPMorgan will respond accordingly," the bank’s lawyers said in a filing.
Source: World News in news18.com, World Latest News, World News
