JPMorgan Chase CEO Jamie Dimon Should Not Have Been Named in Trump’s Debanking Lawsuit
Attorneys for JPMorgan Chase have argued that CEO Jamie Dimon should not have been named as a defendant in President Donald Trump’s debanking lawsuit against the lender. In a court filing on Thursday, the bank’s lawyers stated that Trump’s claims against Dimon violated the Florida Deceptive and Unfair Trade Practices Act.
The Argument Against Dimon’s Inclusion
According to JPMorgan’s lawyers, the Florida law in question does not apply to bank officers who are directly regulated by federal banking agencies or those who act on behalf of a bank in their official capacity. They further stated that Trump’s legal team failed to provide sufficient evidence to support their “blacklist” claim against Dimon.
The bank’s attorneys pointed out that Trump’s lawsuit did not adequately explain the nature of the alleged blacklist, including when it was created, who it was circulated to, or how it was maintained. They also emphasized that JPMorgan, as a bank subject to complex federal regulatory requirements, would not engage in such practices.
In response to Trump’s allegations, a spokesperson for the former president’s legal team reiterated the existence of a blacklist and accused JPMorgan Chase of unlawfully debanking and blacklisting Trump, his family, and several of his businesses. The spokesperson claimed that these actions were motivated by the president’s “America First” policies.
Trump’s Lawsuit and Previous Legal Actions
Trump first raised the issue of debanking at the World Economic Forum in Davos, Switzerland, where he criticized banks for allegedly discriminating against conservatives. Subsequently, he filed a lawsuit against JPMorgan and Dimon seeking $5 billion in damages, alleging that the debanking occurred following the events at the U.S. Capitol on January 6, 2021.
This is not the first time Trump or his family has taken legal action against banks for debanking. The Trump Organization previously sued Capital One for closing hundreds of accounts, citing political motivations. However, Capital One requested the dismissal of the case due to a lack of evidence.
In response to Trump’s suit, JPMorgan stated that it does not close accounts for political reasons but rather to mitigate legal or regulatory risks. The bank’s lawyers have characterized Trump’s lawsuit as “threadbare” and have requested that the case be moved to federal court.
Conclusion
Overall, the dispute between Trump and JPMorgan Chase raises questions about the legality of debanking practices and the responsibilities of bank executives like Jamie Dimon. As the case unfolds, it will be interesting to see how the courts interpret the allegations and whether Trump’s claims against JPMorgan and Dimon will hold up under legal scrutiny.
Source: Here
