President Donald Trump has maintained for years that his bank account closures were politically motivated.
New court documents released Friday show JPMorgan Chase told President Donald Trump a month after the January 2021 breach of the U.S. Capitol that the bank was closing his accounts.
The disclosure was made amid a $5 billion lawsuit Trump filed against JPMorgan and its CEO Jamie Dimon.
JPMorgan, the largest bank in the United States, did not specify a reason for the account closures in letters it sent to Trump and the Trump Organization on Feb. 19, 2021. One of the letters said the bank has the right to decide that a client’s interests are no longer served by maintaining a relationship with JPMorgan.
Trump has maintained for years that his bank account closures were politically motivated, and a spokesperson for his legal team said the newest court documents are “a devastating concession that proves President Trump’s entire claim.”
“[JPMorgan] admitted to unlawfully and intentionally de-banking President Trump, his family, and his businesses, causing overwhelming financial harm,” the spokesperson said.
The bank told The Epoch Times over email it will seek to dismiss the claims.
“Plaintiffs’ threadbare allegations do not allege sufficient facts to plead a claim,” the institution said.
JPMorgan told The Epoch Times last month that the case “has no merit.”
“[JPMorgan Chase] does not close accounts for political or religious reasons,” JPMorgan previously said. “We do close accounts because they create legal or regulatory risk for the company.”
“We regret having to do so, but often rules and regulatory expectations lead us to do so.”
JPMorgan added it supports the Trump administration’s efforts to prevent the weaponization of the banking sector. These comments were made last month, days after Trump announced on social media his intention to sue the bank.
Since then, Trump’s lawyers have alleged in court documents that JPMorgan closed the president’s accounts because of its “‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence, [JPMorgan Chase] debanked Plaintiffs’ Accounts because it believed that the political tide at the moment favored doing so,” the lawsuit states.
By Troy Myers
