January 6 Attack: Trump Sues JPMorgan, CEO for Dropping Him as Customer

• Seeks $5 billion in damages

Emmanuel Addeh in Abuja

President Donald Trump has sued JPMorgan Chase, America’s largest bank, and its Chief Executive Officer, Jamie Dimon, pointing out that the financial institution improperly dropped him as a client in 2021 for political reasons.

The suit in state court in Florida seeks $5 billion in damages. The suit said that the bank notified Trump and his various businesses it was closing their banking accounts at the bank in February 2021, giving them 60 days notice before the closures went into effect.

The suit charged that the bank failed to provide a reason for terminating the accounts, and Trump and his businesses “have subsequently learned that they were debanked as a result of political discrimination against President Trump, the Trump Organisation, its affiliated entities, and/or the Trump family.”

According to the suit, Trump reached out to Dimon directly about the accounts being closed and Dimon assured Trump that he would get back to him to address the account closures, “but, ultimately, never did.” But JPMorgan Chase said the suit is without merit and it will fight it in court.

“While we regret that President Trump has sued us, we believe the suit has no merit,” said Trish Wexler, spokeswoman for JPMorgan. “We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for,” the bank added.

Wexler said JPMorgan does not close accounts for political or religious reasons, explaining that the bank was strictly following the rules.

“We do close accounts because they create legal or regulatory risk for the company,” Wexler said. “We regret having to do so but often rules and regulatory expectations lead us to do so.

“ We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support the administration’s efforts to prevent the weaponization of the banking sector,” JP Morgan said.

Trump’s attorney Alejandro Brito filed the $5 billion lawsuit Thursday morning in Florida state court in Miami on behalf of the president and several of his hospitality companies.

“Despite claiming to hold these principles (the bank’s code of conduct) dear, JPMC violated them by unilaterally – and without warning or remedy – terminating several of Plaintiff’s bank accounts,” the lawsuit claimed.

Last month, a U.S. banking regulator said nine largest U.S. banks in the past had placed restrictions on providing financial services to some controversial industries in a practice commonly described as “debanking”.

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.

January 6, 2021, marked a significant and turbulent moment in recent U.S. history when a mob of supporters of Trump stormed the United States Capitol in Washington, D.C. The attack occurred as Congress convened to certify the Electoral College results of the 2020 presidential election, formally confirming Joe Biden’s victory.

The rioters breached security perimeters, vandalised offices, and temporarily forced lawmakers and Vice President Mike Pence to evacuate, resulting in multiple deaths, numerous injuries, and widespread shock both nationally and internationally.