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JPMorgan Chase has acknowledged shutting down over 50 bank accounts associated with former President Donald Trump following the completion of his first presidential term.
On Friday, the bank confirmed that “more than 50 Trump accounts” were terminated in February 2021, just weeks after the January 6 Capitol riot, as reported by the New York Times.
This disclosure from JPMorgan surfaced in the wake of a lawsuit initiated by Trump and the Trump Organization in January against JPMorgan Chase and its CEO, Jamie Dimon, alleging that the bank unjustly closed the former president’s accounts, according to the same report.
According to the outlet, the accounts affected by JPMorgan’s decision included those related to Trump hotels, housing developments, and retail businesses across various states, along with his personal banking arrangements that managed his inheritance.
In its communications, JPMorgan did not provide a detailed explanation for the account closures. An unsigned letter dated February 19, 2021, advised Mr. Trump to seek “a more suitable institution with which to conduct business.”
John Nolte of News reported that Trump’s legal team has filed a $5 billion lawsuit against JPMorgan and Dimon, accusing the bank of improperly closing several of his accounts.
– News’s John Nolte reported, Trump’s attorneys filed a $5 billion lawsuit against JPMorgan and Dimon, claiming that the institution debanked several of his accounts:
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 “just two months later, on April 19, 2021.
“In essence, JPMC debanked plaintiff’s accounts because it believed that the political tide at the moment favored doing so,” the lawsuit claims.
Prior to the revelation by JPMorgan, the institution had previously requested “the case be moved from Florida state court… to a federal court in New York,” according to the NYT.
