Trump sues JPMorgan, CEO Dimon over alleged ‘debanking’ : NPR

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Win McNamee/Getty Photos North America President Trump sued JPMorgan Chase and chief government Jamie Dimon on Thursday, looking for at the least $5 billion in damages over allegations that the nation's greatest financial institution closed his account for political causes.

The lawsuit follows by on a menace Trump made on his Fact Social community over the weekend — and caps a number of days of escalating tensions between the president and some of the highly effective CEOs in america.

Trump filed his lawsuit in a Miami-Dade County state court docket on Thursday, alleging that the financial institution closed his accounts in 2021, weeks after the January 6 assault on the U.S. Capitol, "because of political and social motivations, and [JPMorgan Chase's] unsubstantiated, 'woke' beliefs that it wanted to distance itself from President Trump and his conservative political opinions."

In an emailed assertion, a JPMorgan Chase spokesperson instructed NPR the lawsuit "has no benefit" and mentioned it intends to defend itself.

JPMorgan Chase "doesn't shut accounts for political or spiritual causes. We do shut accounts as a result of they create authorized or regulatory threat for the corporate. We remorse having to take action however typically guidelines and regulatory expectations lead us to take action," the financial institution's assertion mentioned.

"We've been asking each this Administration and prior administrations to alter the foundations and rules that put us on this place, and we assist the Administration's efforts to stop the weaponization of the banking sector."

Trump has gone after banks earlier than Trump has attacked a number of giant U.S. banks, together with JPMorgan Chase and Financial institution of America, for what he calls debanking conservatives. Final 12 months, he sued Capital One over comparable allegations. And in August, he issued an government order concentrating on what he known as "politicized or illegal debanking."

However his go well with towards JPMorgan Chase and Dimon additionally comes after tensions between the 2 males escalated on a number of fronts. Most U.S. CEOs have been reluctant to publicly criticize Trump over his enterprise and financial insurance policies, however Dimon has spoken out towards a number of the president's actions, together with his efforts to exert extra management over the Federal Reserve.

Final week, after the Division of Justice launched a legal probe into the Fed, Dimon reiterated his assist for an unbiased central financial institution and for Fed Chair Jerome Powell.

Then, this week, Dimon used stronger language to criticize Trump's proposed cap on bank card rates of interest.

"It could be an financial catastrophe," Dimon mentioned throughout an on-stage interview on the World Financial Discussion board in Davos, Switzerland.