President Trump’s attorneys filed a $5 billion — with a “B” — lawsuit 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 “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. “In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution.”
The meat of the complaint appears to be fourfold…
First, the lawsuit claims that this very public debanking caused Trump and his companies reputational harm.
Second, the lawsuit claims JPMorgan Chase violated its own code of conduct.
Third, and most effectively, the suit credibly accuses JPMorgan Chase and its CEO of abusing its corporate power to “coerce the public to shift and re-align their political views.”
Finally, the suit accuses JPMorgan Chase and Dimon of publicizing the debanking in the hopes other banks would join in on this fascistic blacklist, leaving Trump with nowhere to bank.
“Given that Plaintiffs have always complied with all applicable banking rules and regulations and 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 Trump family’s names on this blacklist, is an intentional and malicious falsehood,” the lawsuit claims, adding that the company and CEO are guilty of “an unfair and deceptive trade practice” with the publication of the names when it “had no legitimate basis to do so and knew that doing so would induce, and did in fact induce, other banking institutions not to deal with them.”
This is the exact right way to do this. Trump must make these people hurt and pay, if only to ensure these fascist left-wing corporations never do this again. We cannot have corporations closing people’s bank accounts and attempting to blacklist them from all banks over political differences.
But this is what happens when you don’t have principles. What these degenerate debankers did was poke a finger in the political wind and violate every known principle about fairness to ride with that wind. And their fanaticism so blinded them to the idea that the winds change, and when they do, there will be consequences for this unethical and un-American behavior.
Standing by your principles protects you from these kinds of lawsuits and accusations.
Trump is demanding a jury trial. Expect a sizable settlement and soon.
John Nolte’s first and last novel, Borrowed Time, is winning five-star raves from everyday readers. You can read an excerpt here and an in-depth review here. Also available in hardcover and on Kindle and Audiobook.
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