JPMorgan Chase admitted that it closed more than 50 of President Donald Trump’s bank accounts after his first term as president concluded.
The bank admitted on Friday that “more than 50 Trump accounts” were cut off in February 2021, weeks after the January 6, 2021, riot at the Capitol, according to the New York Times.
The revelation by JPMorgan came after Trump “and the Trump Organization” filed a lawsuit in January against JPMorgan Chase and its CEO, Jamie Dimon, for having debanked the president, according to the outlet.
Per the outlet, accounts that JPMorgan reportedly “debanked” were accounts “for Trump hotels, housing developments and retail shops” in several states, along with “Trump’s personal private banking relationship that handled his inheritance:”
The accounts included those for Trump hotels, housing developments and retail shops in Illinois, Florida and New York, as well as Mr. Trump’s personal private banking relationship that handled his inheritance from his father, according to letter filed to the court.
JPMorgan did not specify in those letters a specific reason for the mass account closings. In one unsigned note to Mr. Trump, dated Feb. 19, 2021, the bank wrote that he would need to “find a more suitable institution with which to conduct business.”
Breitbart 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.
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