"The lawsuit filed in Miami-Dade County, Florida, said the nation's largest lender violated its own policies by singling him out, to ride the "political tide" by terminating several of his accounts. "While we regret President Trump has sued us, we believe the suit has no merit. We respect the President's right to sue us and our right to defend ourselves," JPMorgan said."
"The lender said it 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. Trump's lawsuit said despite the bank claiming to hold its principles dear, JPMorgan violated them unilaterally and without warning or remedy, terminating several bank accounts belonging to him and his hospitality companies."
""Plaintiffs also suffered extensive reputational harm by being forced to reach out to other financial institutions in an effort to move their funds and accounts, making it clear that they had been debanked by JPMC," the filing said. The lawsuit comes as the banking industry oppose President Trump's plan to place a 10% cap on credit card rates, calling the move uneconomic and bad for customers."
JPMorgan says the suit has no merit and asserts its right to defend itself while respecting the plaintiff's right to sue. The bank states it does not close accounts for political or religious reasons but may close accounts that create legal or regulatory risk. The lawsuit alleges JPMorgan unilaterally violated its policies by singling out President Trump and terminating several accounts, causing reputational harm and forcing plaintiffs to seek other institutions. The filing accuses Jamie Dimon of ordering a blacklist to warn other banks against doing business with the Trump Organization and family members amid wider debanking allegations and a dispute over a proposed 10% credit card rate cap.
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]