JPMorgan Admits to Debanking Trump: Legal Battle Intensifies

In a recent development, JPMorgan Chase has admitted to closing the bank accounts of former President Donald Trump and his businesses following the January 6 attacks on the US Capitol. This acknowledgment comes as part of Trump's $5 billion lawsuit against the banking giant, alleging political bias and disruption to his financial operations.

Trump filed the lawsuit in Florida, accusing JPMorgan and its CEO Jamie Dimon of trade libel and breaking Florida's Unfair and Deceptive Trade Practices Act. The suit claims the bank placed Trump and his enterprises on a 'reputational blacklist,' restricting future banking opportunities. JPMorgan insists the allegations lack merit and seeks to shift the case to New York, where the accounts were based.

The case underscores the evolving political tensions surrounding 'debanking'—a method banks allegedly use to reject service under the guise of 'reputational risk,' which gained notoriety under the Obama administration. President Trump is determined to contest such practices, defending those he believes are unjustly excluded from banking access.