In his efforts to eradicate what he perceives as banks refusing to offer financial services to clients for ideological grounds, Trump has frequently singled out JPMorgan.
About seven weeks after Trump’s followers attacked the US Capitol on January 6, 2021, JPMorgan cancelled accounts for him and his companies. At the time, Trump was not in office and had a poor political status.Trump and a number of his businesses filed the case.
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According to the case filed in Miami-Dade County state court, JPMorgan, the largest US bank, informed plaintiffs that it was closing accounts “without warning or provocation,” creating serious financial and reputational harm.
Trump has pursued revenge against alleged political rivals since regaining power last year. He or his government has taken action against media outlets, corporations, law firms, and colleges.
The bank disclosed in November that it’s facing reviews, investigations and legal proceedings tied to the Trump administration’s fight against “debanking.” Separately, the Trump Organisation has already sued Capital One Financial Corp. over similar allegations.
Florida bars financial institutions from ending their banking relationship with an individual or business “based on their political opinions, speech or affiliations,” Trump’s lawyers said in the complaint against JPMorgan.
Almost immediately after taking office for a second term, Trump started openly denouncing the nation’s two biggest banks for debanking. He chastised Bank of America Corp. CEO Brian Moynihan, one of the few executives present at the World Economic Forum in Davos, for the problem a year ago when speaking digitally to an audience. He also mentioned JPMorgan.
