In yet another legal move adding to his long list of litigious battles, former US President Donald Trump has filed a massive lawsuit against American banking giant JPMorgan Chase and its CEO, Jamie Dimon. The lawsuit accuses the bank of arbitrary actions in closing his accounts and those of his companies in early 2021, claiming that these decisions were driven by political bias rather than purely banking reasons.
Details of the lawsuit and financial claims
According to a lawsuit filed by attorney Alejandro Prieto in Florida federal court, Trump is seeking at least $5 billion in damages. The former president's legal team bases this claim on the damage to his reputation and businesses, arguing that Trump and his companies had been loyal clients of the bank for decades and that the termination of this relationship was abrupt and professionally unjustified.
Context of the Capitol events and their repercussions
This lawsuit cannot be separated from the tense political and temporal context of the United States at the time. The account closures followed the storming of the Capitol on January 6, 2021. During this period, many major financial institutions and corporations in the US took steps to sever ties with the former president or freeze political donations, amidst a climate of intense polarization. The lawsuit alleges that JPMorgan Chase joined what it calls a "cancel campaign" targeting Trump and his supporters, leveraging its financial influence to exert political pressure.
The phenomenon of "blocking banking services"
This case opens the door wide to the debate surrounding what has become known as "debanking," or the withholding of banking services for political or ideological reasons—a topic that is generating considerable controversy in American economic and political circles. Trump's supporters argue that major banks should not act as political watchdogs, while financial institutions assert their right to protect their reputation and adhere to risk standards. Trump had previously stated to the media that he intended to sue the bank for withholding banking services from him in retaliation for his political stances.
Bank response and legal position
In response, JPMorgan Chase categorically denied these allegations. A bank spokesperson asserted that the decision to close the accounts was not politically motivated, but rather stemmed from the bank's commitment to compliance rules and internal regulations, which it rigorously enforces. The bank emphasized that these rules apply to all clients without exception and that it continuously updates its policies to align with federal regulatory requirements, denying any personal targeting of the former president.
