JPMorgan Chase told The Epoch Times that the lawsuit ‘has no merit.’
President Donald Trump has filed a lawsuit against JPMorgan Chase over alleged debanking, the bank confirmed to The Epoch Times.
Alejandro Brito, the president’s personal attorney, filed a $5 billion lawsuit on Jan. 22 in Miami’s Florida state court on behalf of the president and his hospitality companies.
Following the January 2021 breach of the U.S. Capitol, the largest bank in the United States shuttered the accounts of Trump and his related entities.
The lawsuit says that the financial institution’s “unilateral decision” resulted from “political and social motivations” and its “‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence, JPMC debanked Plaintiffs’ Accounts because it believed that the political tide at the moment favored doing so,” the suit stated.
Trump’s attorney also cited the company’s code of conduct that states the bank maintains high expectations and holds itself accountable.
“We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior,” the bank says on its website.
“Despite claiming to hold these principles dear, JPMC violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts,” the court documents said.
JPMorgan Chase, in a statement to The Epoch Times, said the case “has no merit.”
“JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company,” the bank said.
“We regret having to do so, but often rules and regulatory expectations lead us to do so.”
The bank, the statement reads, has repeatedly urged the current and previous administrations to reform the rules and regulations that led to these circumstances.
“We support the administration’s efforts to prevent the weaponization of the banking sector,” it added.
This comes days after the president threatened on social media to sue JPMorgan Chase.
“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the Jan. 6 Protest, a protest that turned out to be correct for those doing the protesting,” Trump said in a Jan. 17 Truth Social post.
“The Election was RIGGED!”
By Andrew Moran
