JPMorgan Chase & Co. (NYSE:JPM) acknowledged in a court filing that it shut down bank accounts tied to President Donald Trump and several of his businesses after the Jan. 6, 2021, Capitol riot, a point now sitting at the center of Trump's $5 billion lawsuit against the lender and its chief executive. The admission lands as Trump has argued that the move was political "debanking" pushed by the Biden administration, saying he had about 20 days to shift hundreds of millions of dollars. CNBC reports the bank' ...

Core Viewpoint - JPMorgan Chase has acknowledged for the first time that it closed the bank accounts of President Donald Trump and several of his businesses, which is part of a legal dispute regarding the practice of "debanking" following the January 6, 2021 attacks on the U.S. Capitol [1] Group 1: Legal Proceedings - Trump has filed a lawsuit against JPMorgan for $5 billion, claiming that the closure of his accounts was politically motivated and disrupted his business operations [1] - The lawsuit was originally filed in Florida state court, but JPMorgan is seeking to move the case to New York, where the accounts were located [3] - Trump's lawyers allege that JPMorgan placed him and his companies on a reputational "blacklist," affecting their ability to open accounts with other banks [4] Group 2: JPMorgan's Response - JPMorgan's former chief administrative officer confirmed in a court filing that the bank informed Trump in February 2021 about the closure of certain accounts [2] - The bank has previously stated that it believes the lawsuit lacks merit and has not admitted to closing Trump's accounts until now [5] - JPMorgan has characterized the issue of debanking as politically charged, with claims of discrimination against conservative clients [5] Group 3: Implications of Debanking - Debanking refers to the practice of closing customer accounts or refusing services, which has gained attention as a politically sensitive issue in recent years [5] - Trump's legal team claims that JPMorgan's actions have caused significant financial harm to him and his businesses, framing the case as a broader issue of wrongful debanking [6]

Core Viewpoint - Coinbase has accused Australia's Big Four banks of systematically denying financial services to legitimate crypto companies, which poses a threat to competition and trust in the economy [1] Group 1: Debanking Practices - Coinbase's submission to the House of Representatives Standing Committee on Economics highlights that the withdrawal of banking services, known as 'debanking', has become a systemic issue in Australia [2] - The banks are allegedly removing banking access through unilateral account closures and transaction restrictions that limit transfers involving digital assets [2] - The Big Four banks, including Commonwealth Bank, Westpac, ANZ, and National Australia Bank, have implemented policies that hinder individuals' ability to use their own money [3] Group 2: Impact on Fintech Sector - Coinbase claims that debanking practices disproportionately target the Fintech sector and those utilizing digital assets and blockchain technology [4] - In 2021, up to 60% of fintech businesses experienced denial of service from banks, indicating a significant issue that remains unresolved [5] Group 3: Regulatory Context - The complaint arises as Coinbase faces new regulatory requirements to obtain an Australian Financial Services Licence, adding urgency to calls for reform in the banking sector [4] - The Australian Treasury has acknowledged the issue of debanking and is working with stakeholders to ensure transparency and fairness in the financial system [7] Group 4: Trust in Financial System - Coinbase argues that the opacity of banks' decisions regarding account closures has led to a crisis of confidence among users in the Australian financial system [6] - The inability to access one's own money is seen as a significant factor that degrades trust in the economy [6]

Trusted third parties are security holeshttps://t.co/6wqt37BoIQDarkSideOfTheMoon (@darkside2030):Ok folks. JP Morgan Chase finally closed my accounts as part of their debanking scheme. One catch - They sent me a check for the remaining $725.00 in my checking account but found a way to miscalculate the check amount and leave me with a negative $.05 balance. Then proceeded ...

No matter what Trump alleges, it's government policy that drives debanking, @PaulJDavies says. A court battle could finally kill off the fatuous claims of political discrimination in finance (via @opinion) https://t.co/ShahFqdfyI ...

Core Viewpoint - President Trump has filed a $5 billion lawsuit against JP Morgan Chase and CEO Jamie Dimon, claiming that the bank terminated accounts linked to him and his family due to political motivations following the January 6th Capitol riot [1][2]. Group 1: Lawsuit Details - The lawsuit alleges that JP Morgan's actions were driven by "unsubstantiated woke beliefs" to distance itself from Trump and his conservative views [2]. - JP Morgan has responded, stating that the lawsuit lacks merit and that they do not close accounts for political or religious reasons, but rather due to legal or regulatory risks [3][5]. Group 2: Company Position and Regulatory Context - JP Morgan emphasizes that account closures are based on compliance with strict rules and regulations, and they are required to report to the government when subpoenaed [6]. - The bank's CEO, Jamie Dimon, has indicated that they have debanked individuals across the political spectrum, asserting that political affiliation is not a factor in their decision-making [5]. Group 3: Market and Investor Reactions - Analysts suggest that the lawsuit may be a strategic move by Trump for discovery purposes, as debanking for political reasons is not currently illegal [7]. - From an investor perspective, the lawsuit is viewed as noise, with the $5 billion claim considered not significant for JP Morgan [12][13].

US President Donald Trump has filed a $5bn lawsuit against JPMorgan Chase and its chief executive Jamie Dimon, alleging the bank shut his accounts and those of his businesses to pursue a political agenda. The case was lodged in a Florida state court in Miami-Dade County. It claims the largest US bank breached its own internal rules by allegedly targeting Trump to align with what the filing describes as the prevailing “political tide.” “While we regret President Trump has sued us, we believe the suit ha ...

The world’s most powerful politician and Wall Street’s most powerful leader are headed into a multi-billion-dollar court standoff. JPMorgan Chase & Co. closed President Donald Trump’s accounts and stopped offering banking services for seven weeks following the Jan. 6, 2001, Capitol riot. It was, according to a new $5 billion lawsuit, because of “woke” political and social reasons. A complaint filed Jan. 22 in a Florida state court alleges the nation’s largest bank debanked the president and several Trum ...

President Donald Trump sued JPMorgan Chase and CEO Jamie Dimon for $5 billion on Thursday (Jan. 22), alleging that the financial institution debanked him and some of his companies for political reasons in 2021.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYM ...

Core Viewpoint - Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase, alleging that the bank debanked him and his business interests for political reasons after his presidency ended [1][5]. Group 1: Lawsuit Details - The lawsuit was filed in Miami-Dade County court, relating to events surrounding the transition of power to Joe Biden following the 2020 election, which Trump claims was rigged [3]. - Trump asserts that he and his businesses were cut off from millions of dollars and faced disruptions while trying to open new bank accounts [2]. Group 2: JPMorgan Chase's Response - JPMorgan Chase has denied the allegations, stating that it does not close accounts for political or religious reasons, but rather due to legal or regulatory risks [5]. - The bank expressed regret over the lawsuit but maintains that it believes the suit lacks merit [5]. Group 3: Context and Comparisons - The case has similarities to a recent dispute in the UK involving Nigel Farage and NatWest regarding account closures, highlighting ongoing tensions between financial institutions and political figures [5]. - Trump is also pursuing a separate $10 billion defamation case against the BBC related to the editing of a speech he made during the Capitol protests [6].