U.S. President Donald Trump is now going after JPMorgan Chase and its CEO Jamie Dimon for at least $5 billion. He filed a lawsuit against the bank, saying that it unfairly kicked him out as a customer after the January 6, 2021, Capitol riot. He also says that others, like Bank of America, also don’t work with him as a customer.
Alejandro Brito, Trump’s personal lawyer who helped him with defamation cases against ABC News & BBC, is at the forefront of this case. Alejandro filed the case in Miami. What started as a social media response will soon turn into a big courtroom drama, it seems. Well, it's been 5 years since. Why is Trump filing a complaint now? What was JPMorgan Chase's response to Trump's allegations? For all that, learn more.
Why Is Trump Suing JPMorgan Chase & Jamie Dimon Now?
It started with a response to a Wall Street Journal story that said Trump offered Jamie Dimon the role of Federal Reserve Chief. In his response, Trump wrote, "There was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest.” Now, here we are with a $5 billion lawsuit to swipe some money off JPMorgan Chase.
What Is Trump Accusing Jpmorgan Of – $5 Billion Lawsuit?
In the lawsuit, Trump’s lawyers clarified that JPMorgan blacklisted Trump, the Trump Organisation, Trump's related business entities, and members of Trump's family. It was also mentioned that it's all due to political and social pressure. It is the bank’s “woke” beliefs that want to distance itself from Trump and conservative views.
Trump vs. Jpmorgan Chase — What Each Side Is Saying
|
Topic |
Trump’s Claim |
JPMorgan’s Response |
|
Account closure |
JPMorgan stopped offering him banking services after Jan 6, 2021 |
Denies closing accounts for political reasons |
|
Reason for action |
Says the bank “debanked” him due to political bias |
Says accounts should not be closed for political or religious beliefs |
|
Discrimination |
Claims he was wrongly discriminated against |
Rejects the idea that politics drove decisions |
|
Blacklisting |
Says Trump, his businesses, family, and affiliates were blacklisted |
No direct comment yet on the lawsuit |
|
Other banks |
Says Bank of America also rejected his deposits |
Bank of America denies this, too |
|
Legal move |
Suing JPMorgan & Jamie Dimon for at least $5 billion |
Has not formally responded to the lawsuit yet |
More Tension Between President Donald Trump & Jamie Dimon
At the World Economic Forum in Davos, Dimon openly criticised Trump’s idea to cap credit card interest rates at 10% for one year. He outright called it a possible “economic disaster.” He added that the U.S. has become less reliable under Trump.
These views may have fueled the fire.
Final Thoughts…
Trump's $5 billion lawsuit against JPMorgan Chase and Jamie Dimon is making headlines. Trump is clear about why he filed the case. He says he was unfairly kicked out after January 6 due to political bias. However, JPMorgan has yet to file an appeal or issue a clearer statement on why it had to end its relationship with Trump. For that, we'll have to wait for an update. Till then, keep in touch.
StartupTalky- Business News, Insights and StoriesSakshi Jadhav
Original Article
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