According to the complaint, as reported by CNBC, JPMorgan notified Trump in February 2021 of its intent to close his accounts and those of some of his family's businesses. The lawsuit claims this decision stemmed from political discrimination against Trump, his family, and their related business ventures.
JPMorgan confirmed receipt of the lawsuit and stated that its decision to close Trump's accounts was not politically motivated, adding that it believes the suit lacks merit. "We believe the suit has no merit," the bank said in a statement.
The lawsuit follows a similar action filed in March by Trump's family business against Capital One.
Following the January 6th attack, a number of companies distanced themselves from the former president. This lawsuit raises questions about the extent to which financial institutions can consider political affiliations when making business decisions. The case could set a precedent for how banks handle accounts of individuals with controversial political views. The legal proceedings are expected to unfold in Florida state court.
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