"The lawsuit was filed on Thursday in Miami-Dade County court in Florida. It alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days' notice and no explanation. By doing so, Trump claims JPMorgan cut the president and his businesses off from millions of dollars, disrupted their operations and forced Trump and the businesses to urgently open bank accounts elsewhere."
"JPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so, the lawsuit alleges. In a statement, JPMorgan said that it regrets that Trump sued them but insisted they did not close the accounts for political reasons. We believe the suit has no merit, a bank spokesperson said. JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."
"Banks have faced growing political pressure in recent years, particularly from conservatives who argue that lenders have improperly adopted woke political positions and, in some cases, discriminated against certain industries, such as firearms and fossil fuels. That pressure has intensified during Trump's second term, with the Republican president claiming in interviews that some banks refused to provide services to him and other conservatives. The banks have denied the allegation."
Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, alleging the bank debanked him and his businesses for political reasons after he left office in January 2021. The complaint says multiple accounts were closed abruptly in February 2021 with 60 days' notice and no explanation, cutting off access to millions, disrupting operations, and forcing urgent account relocations. The suit claims the bank acted because the political tide favored doing so. JPMorgan denied political motives, saying it closes accounts only when legal or regulatory risk exists. The White House will refer the matter to outside counsel.
Read at www.aljazeera.com
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