UPDATE: This story includes additional information from the lawsuit, additional context and a response from JPMorgan.Processing ContentPresident Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion over allegations that the lender stopped offering him and his businesses banking services for political reasons. The complaint, filed Thursday, accuses the bank of trade libel and breach of implied covenant of good faith. It also claims Dimon violated Flori ...

Photographer: Samuel Corum/Bloomberg President Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion over allegations that the lender stopped offering him and his businesses banking services for political reasons. The complaint, filed Thursday, accuses the bank of trade libel and breach of implied covenant of good faith. It also claims Dimon violated Florida’s deceptive trade practices law. In response, the bank said it doesn’t close accounts for pol ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. President Donald Trump filed a $5 billion lawsuit Thursday against JPMorgan Chase and its CEO, Jamie Dimon, for alleged political debanking. Trump filed the complaint in Miami-Dade County state court, accusing JPMorgan of trade libel and breach of implied covenant of good faith and fair dealing, court documents show. Trump also accused Dimon of violating Florida’s un ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. President Donald Trump said he’ll be “suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th [2021] Protest,” according to a post Saturday on Truth Social. The main thrust of the post is a refutation of a Wednesday article from The Wall Street Journal, which noted – according to anonymous sources – that Tr ...

Core Viewpoint - US President Donald Trump has publicly criticized Jamie Dimon, CEO of JPMorgan Chase & Co., regarding claims that Dimon was offered the position of US Federal Reserve chairman and subsequently turned it down. Trump has also threatened legal action against the bank, alleging he was debanked following the January 6 Capitol riot in 2021 [1][2][12]. Group 1: Allegations and Responses - Trump refuted claims that Dimon was offered the Fed chair position, stating on social media that "this statement is totally untrue" and announcing plans to sue JPMorgan for allegedly debanking him [2][4]. - Dimon has denied any job offers from Trump and expressed respect for the current Treasury Secretary, Scott Bessent, stating he believes Bessent is doing an excellent job [10][12]. - JPMorgan responded to Trump's allegations by emphasizing that no accounts should be closed due to political or religious beliefs, indicating their commitment to addressing political debanking [8][12]. Group 2: Context of Debanking - The term "debanking" refers to banks terminating or limiting relationships with customers due to perceived risks, which can include regulatory concerns, money laundering, or being a Politically Exposed Person (PEP) [6][7]. - Trump previously claimed that JPMorgan discriminated against him by closing accounts he had maintained for decades after the Capitol riot [6]. Group 3: Dimon's Position on Fed Independence - Dimon has publicly stated that undermining the independence of the Federal Reserve is "not a great idea," warning it could lead to higher inflation and interest rates over time [11][12].

Core Viewpoint - President Donald Trump is threatening to sue JPMorgan Chase & Co. over claims of being debanked following the January 6, 2021, Capitol riot, which he alleges was discriminatory behavior by the bank [1][2][3]. Group 1: Trump's Allegations and Legal Actions - Trump claims that JPMorgan Chase discriminated against him by asking him to close long-held accounts, linking this action to the Capitol riot [3]. - He announced intentions to sue JPMorgan Chase for what he describes as incorrect and inappropriate debanking [2]. - The bank is reportedly facing reviews and investigations related to its actions during the Trump administration concerning debanking [3]. Group 2: Jamie Dimon's Responses and Statements - Jamie Dimon, CEO of JPMorgan Chase, has publicly stated he would not consider the role of Federal Reserve chair, emphasizing a firm "no" to the idea [4]. - Dimon has previously defended the bank against accusations of biased customer decisions, asserting that the bank does not debank individuals based on their political or religious affiliations [6]. - Dimon expressed concerns about undermining the independence of the Federal Reserve, warning that it could lead to higher inflation and interest rates [5].

Core Viewpoint - Donald Trump has announced plans to sue JPMorgan Chase for allegedly "debanking" him following the January 6, 2021, Capitol riot, claiming discrimination based on political beliefs [2][3][4]. Group 1: Legal Actions and Claims - Trump stated he would be suing JPMorgan Chase for what he describes as incorrect and inappropriate debanking, asserting that the January 6 protest was justified [2]. - In August, Trump signed an executive order aimed at preventing banks from denying financial services based on clients' religious or political beliefs, which he claims happened to him [3]. - Trump has accused JPMorgan Chase and Bank of America of refusing to accept his deposits after his first term, although JPMorgan has denied closing accounts for political reasons [3][4]. Group 2: Company Response and Market Impact - JPMorgan Chase has maintained that it does not close accounts for political reasons, while Bank of America has refrained from commenting on specific client matters [4]. - Despite the legal threats and claims from Trump, JPMorgan shares have seen a decline of approximately 5% over the past week, even after reporting better-than-expected fourth-quarter earnings and revenue [5]. Group 3: Additional Context - Trump's legal threat coincides with his denial of a report suggesting he offered Jamie Dimon the position of Federal Reserve chairman, which Dimon reportedly took as a joke [6]. - Trump expressed frustration over the media not reaching out to him for clarification regarding the alleged offer to Dimon [7].

Group 1 - President Trump is threatening to sue JPMorgan Chase & Co. over claims of being debanked after the January 6, 2021, Capitol riot [1][2] - Trump alleges that JPMorgan discriminated against him by asking him to close long-held accounts, linking this action to the Capitol riot [3] - JPMorgan is currently facing reviews, investigations, and legal proceedings related to the Trump administration's fight against "debanking" [3] Group 2 - Jamie Dimon, CEO of JPMorgan, has publicly stated he would not consider the role of Federal Reserve chair, emphasizing his commitment to Fed independence [4][5] - Dimon has previously countered claims that JPMorgan's customer decisions are politically biased, asserting that the bank does not debank individuals based on their political or religious affiliations [5][6] - Trump has indicated he has a candidate in mind to succeed Fed Chair Jerome Powell, whose term ends in May, but has not disclosed the name [4]

RT Consumers' Research (@ConsumersFirst)BREAKING: The U.S. Comptroller of the Currency has found conclusive proof that 9 large financial institutions actively engaged in debanking.The financial institutions named are:- @JPMorgan- @BankofAmerica- @Citi- @WellsFargo- @USBank- @CapitalOne- @PNCBank- @TDBank_US- @BMOhttps://t.co/VOyOGjbsJC ...

Core Points - The article discusses the Democratic Party's struggles with inflation messaging, highlighting how their own charts inadvertently showcase failures during the Biden administration, particularly regarding rising electricity and utility prices [1][4][5] - It emphasizes that a significant portion of price increases, specifically 88%, occurred under Biden's presidency, contrasting it with the relatively low inflation of about 2% during Trump's first term [5][10] - The article also touches on the issue of "debanking," suggesting that federal regulators under Biden pressured banks to limit services to certain industries, which has been a point of contention [12][14][18] Group 1: Inflation and Utility Prices - The article points out that Democratic leaders, including Senator Chris Murphy and Chuck Schumer, have misinterpreted charts that reflect rising utility prices, attributing them incorrectly to Trump rather than acknowledging Biden's administration [1][2][4] - It notes that states governed by Democrats, such as New York and California, have the highest electricity prices, often two to three times higher than those in Republican states [7][8] - The article argues that the facts regarding inflation and utility prices are more favorable to Republicans, as they highlight the significant increases under Biden's administration [4][5][10] Group 2: Debanking and Regulatory Pressure - The article discusses a study indicating that major banks engaged in debanking practices, which were allegedly influenced by federal regulators under the Biden administration [12][14] - It suggests that the regulators pressured banks to limit services to certain industries, including firearms and fossil fuels, which the Biden administration has been critical of [14][18] - The article concludes that the issue of debanking may be less relevant moving forward, as it implies a shift in regulatory approach under a potential Trump administration [18][19]