Aljazeera: Trump’s JPMorgan Chase lawsuit revives debanking concerns in US
United States President Donald Trump’s $5bn lawsuit against JPMorgan Chase resurfaces his accusations of debanking – the act of removing a person or organisation’s access to financial services.
The complaint, filed in a Florida court on Thursday, alleges that the bank singled him out for political reasons and closed several of his accounts following the attack on the US Capitol on January 6, 2021, which was perpetrated by his supporters.
“JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so,” the bank said in a statement.
While the lawsuit was filed in his personal capacity, the concept of debanking has long been in the crosshairs of the Trump White House.
