In a stunning legal development that could reshape the debate over political “debanking,” JPMorgan Chase has formally acknowledged in court filings that it shut down more than 50 bank accounts connected to President Donald Trump, his family members, and Trump Organization entities shortly after the January 6 Capitol protests.
For years, Trump has accused major financial institutions of targeting him for political reasons. Now, in black and white court documents, JPMorgan has admitted the closures took place in February 2021.
The revelation surfaced in filings tied to a lawsuit brought by Trump and the Trump Organization. The complaint names both JPMorgan and CEO Jamie Dimon and seeks at least $5 billion in damages, alleging politically motivated discrimination and unlawful termination of banking services.
According to the newly filed court documents, the accounts were closed roughly one month after the January 6 unrest. The affected relationships reportedly included private banking accounts as well as commercial holdings tied to hotels, housing developments, retail properties in Illinois, Florida, and New York, and other hospitality ventures.
Letters dated February 19, 2021, and filed in court on February 20, show the bank informing Trump and his organization that their accounts would be terminated. The recipients were told to seek banking services elsewhere.
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