JPMorgan Chase has admitted for the first time that it closed bank accounts linked to US President Donald Trump following the January 6, 2021 attacks on the US Capitol.
As reported by the Associated Press, the confirmation from JPMorgan came this week in a court filing in a lawsuit Trump filed against the investment bank and its boss Jamie Dimon.
“In February 2021, JPMorgan notified plaintiffs that certain accounts held at CB (commercial bank) and PB (private bank) would be closed,” JPMorgan’s former chief administrative officer Dan Wilkening wrote in a court filing, according to the AP.
Until now, the bank has not admitted to closing Trump’s accounts after the January 6 uprising, and the admission drew a sharp response from the US president’s lawyers.
“In a devastating concession that proves President Trump’s entire claim, JPMorgan Chase has admitted that it illegally and intentionally debanked President Trump, his family and his businesses, causing tremendous financial harm,” Trump’s lawyers said in a statement.
“President Trump stands up for all those wrongfully deprived of their banking by JPMorgan Chase and its cohorts and will see to the just and orderly conclusion of this case,” the statement continued.
Trump vs JPMorgan
Trump’s $5 billion lawsuit against JPMorgan Chase claims its accounts were closed for political reasons, disrupting its business operations.
Trump, who sued JPMorgan in Florida state court, accused the bank of trade defamation and engaging in unfair and deceptive business practices under state and federal law.
In the original lawsuit, Trump claimed that he tried to personally raise the matter with Jamie Dimon after JPMorgan sent him notice that his accounts would be closed, with Dimon assuring him that his concerns would be investigated. But the JPMorgan CEO never followed up, Trump’s lawsuit alleges.
Trump’s lawyers further claim that JPMorgan placed the US president and his companies on a reputational “blacklist” that JPMorgan and other banks use to prevent clients from opening accounts with them in the future.
However, this claim has yet to be substantiated, with Trump’s lawyers yet to define the said “blacklist”.
“If and when plaintiffs explain what they mean by this ‘blacklist,’ JPMorgan will respond accordingly,” the bank’s lawyers said in a filing, according to the AP.
The bank maintains that Trump’s lawsuit has no merit.
(With input from agencies)
