Overview
- In new court papers, JPMorgan acknowledged it told President Donald Trump and affiliated entities in February 2021 that certain private and commercial accounts would be closed.
- Letters filed with the court set an April 19, 2021 deadline to transfer assets and did not state specific reasons, citing language that a client’s interests may no longer be served.
- The bank argues the dispute has overwhelming ties to New York and asks to move the lawsuit to federal court there while maintaining the case lacks merit.
- JPMorgan also seeks to remove CEO Jamie Dimon from the suit, contending he was improperly added as a defendant.
- Trump seeks $5 billion, alleging political debanking and a reputational blacklist; the bank says it closes accounts over legal or regulatory risk, and reports citing the letters say more than 50 Trump-related accounts were affected.