JPMorgan admits closing Trump-affiliated bank accounts after Jan 6 Capitol riot amid $5B lawsuit

Core Viewpoint - JPMorgan Chase Bank has acknowledged the closure of President Donald Trump's bank accounts following the January 6, 2021, Capitol breach, which has led to a $5 billion legal challenge from Trump alleging political motivations behind the debanking [1][3]. Group 1: Account Closure Details - In February 2021, JPMorgan informed Trump and his hospitality companies about the closure of certain accounts, with formal letters dated February 19, 2021 [2]. - Trump and his companies were given until April 19, 2021, to transfer hundreds of millions of dollars before the accounts were officially closed [6]. - JPMorgan's letters did not specify reasons for the closures, but Trump's attorneys claim they were unlawfully closed due to political discrimination and placed on a "blacklist" [7]. Group 2: Legal and Regulatory Context - JPMorgan's account agreements allow the bank to close accounts with or without cause, provided there is at least 30 days written notice [8]. - The agreements permit closure upon written notice for specific reasons, including breach of contract, financial impairment, legal requirements, or activities that violate bank policies [10]. - The bank reserves the right to refuse transactions or close accounts without notice if activities conflict with its policies [11]. Group 3: Allegations and Responses - Trump's attorneys accuse JPMorgan Chase and CEO Jamie Dimon of trade libel and violating Florida's unfair trade practices act, seeking a jury trial [11]. - They assert that JPMorgan's decision was influenced by political and social motivations, reflecting a trend among financial institutions to restrict banking access based on political views [12]. - Dimon has publicly denied that JPMorgan debanks customers based on political affiliations, emphasizing the need for regulatory reforms [15].