NEW YORK (AP) – Former President Donald Trump has filed a lawsuit against banking giant JPMorgan Chase and its CEO Jamie Dimon for $5 billion, accusing the bank of unfairly targeting him and his businesses for political reasons after he left office in January 2021. The lawsuit, filed in Manhattan federal court, claims that JPMorgan Chase has been “debanking” Trump and his associates, cutting off their access to financial services and causing significant financial harm.
According to the lawsuit, JPMorgan Chase began its campaign against Trump and his businesses in the aftermath of the 2020 presidential election. Trump, who had been a long-time customer of the bank, alleges that the decision to “debank” him was motivated by political bias and a desire to punish him for his political beliefs.
In a statement released by his legal team, Trump said, “JPMorgan Chase’s actions are nothing short of political retribution. They are trying to silence me and my supporters by cutting off our access to financial services. This is a blatant attack on our rights and freedoms.”
The lawsuit also names Jamie Dimon, the CEO of JPMorgan Chase, as a defendant. Trump accuses Dimon of personally orchestrating the decision to “debank” him and his businesses, citing his public criticism of Trump and his policies.
In response to the lawsuit, JPMorgan Chase has denied any wrongdoing and stated that their decision to end their relationship with Trump and his businesses was based on “business reasons.”
However, legal experts believe that the case may have merit. The concept of “debanking” is a relatively new phenomenon, and there are no specific laws that prohibit banks from cutting off services to customers for political reasons. However, the lawsuit argues that JPMorgan Chase’s actions violate federal banking laws and regulations that prohibit discrimination against customers based on their political beliefs.
If successful, the lawsuit could have significant implications for the banking industry and the rights of individuals to access financial services without fear of political retribution.
Trump’s legal team has also accused JPMorgan Chase of violating his First Amendment rights by attempting to silence him and his supporters. They argue that the bank’s actions have had a chilling effect on Trump’s ability to exercise his freedom of speech and participate in the political process.
The lawsuit has sparked a debate over the role of banks in the political arena. Some argue that banks have a responsibility to remain neutral and not engage in discrimination based on political beliefs, while others argue that businesses have the right to choose their customers and partners based on their own values and beliefs.
Regardless of the outcome of the lawsuit, it is clear that the case will have far-reaching implications for the relationship between businesses and politics. The outcome could set a precedent for how banks and other businesses handle customers with differing political views in the future.
As the legal battle unfolds, many are watching closely to see how the case will impact the future of banking and political discourse in the United States. For now, Trump remains determined to fight for his rights and hold JPMorgan Chase accountable for what he believes is a politically motivated attack on him and his businesses.