Trump Files $5 Billion Debanking Lawsuit Against JPMorgan & CEO Jamie Dimon
President Trump’s lawyers have filed a $5 billion lawsuit – with a “B” – against JPMorgan Chase and its CEO Jamie Dimon for “debanking” Trump in early 2021.
The lawsuit says that on February 19, 2021, Trump received notice, “without warning or provocation,” that several of his and his company’s bank accounts would be closed “only two months later, on April 19, 2021.”
“Essentially, JPMC debanked plaintiffs’ accounts because it believed that the political tide of the day favored this decision,” the suit alleges. “In addition to the significant financial and reputational harm suffered by plaintiffs and their affiliated entities, JPMC’s reckless decision is responsible for a growing trend of financial institutions in the United States of America cutting off consumers’ access to banking services if their political views contradict those of the financial institution.”
The gist of the complaint appears to be fourfold…
First, the lawsuit claims that this very public withdrawal from the banks damaged the reputation of Trump and his companies.
Second, the lawsuit claims that JPMorgan Chase violated its own code of conduct.
Third, and most powerfully, the suit credibly accuses JPMorgan Chase and its CEO of abusing their corporate power to “coerce the public to change and realign its political views.”
Finally, the suit accuses JPMorgan Chase and Dimon of publicizing the debanking in the hopes that other banks would join this fascistic blacklist, leaving Trump with nowhere to bank.
“Given that Plaintiffs have consistently complied with all applicable banking rules and regulations and that their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other plaintiffs, the Trump Organization and its affiliated entities, and/or the names of the Trump family on this blacklist, is an intentional and malicious lie,” the lawsuit claims, adding that the company and CEO are guilty of an “unfair and deceptive trade practice” with the publication of the names while they “did not have a legitimate basis for doing so and knew that it would, and in fact did, induce other banking institutions not to deal with them.
This is exactly the right way to do it. Trump needs to make these people suffer and pay, if only to ensure that these left-wing fascist corporations never do this again. We can’t have companies shutting down people’s bank accounts and trying to blacklist them from all banks because of political differences.
But that’s what happens when you don’t have principles. What these degenerate bankers have done is put their finger in the political wind and violated every known principle of fairness by following that wind. And their bigotry has so blinded them to the idea that the winds are changing and that when they do, there will be consequences for this unethical and un-American behavior.
Respecting your principles protects you from these kinds of lawsuits and accusations.
Trump demands jury trial. Expect a big settlement and soon.
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