Trump Lawsuit Against JPMorgan Chase Put in Sharper Focus by Capital One Filing
A lawsuit filed by Trump's businesses against JPMorgan Chase has been put in sharper focus after a new filing in President Donald Trump's case against Capital One. The case, which is seeking at least $5 billion from JPMorgan Chase and its CEO Jamie Dimon, alleges that the bank terminated longstanding banking relationships with Trump due to his conservative political views.
The lawsuit claims that JPMorgan Chase placed Trump-affiliated names on a blacklist associated with wealth-management accounts, making it difficult for them to obtain banking services. However, the complaint does not attach the alleged blacklist or identify precisely who maintains it.
Capital One's motion to dismiss Trump's lawsuit against the bank argues that its account rules permitted either party to end the banking relationship in their 'absolute discretion.' The bank also claims that anti-money-laundering concerns, not political ideology, prompted its reviews. Trump's businesses have alleged that these concerns were a pretext for discrimination.
The central conflict in both lawsuits is whether banks improperly used their discretion to terminate accounts for political reasons or if they had the contractual authority to do so. The Capital One filing highlights the legal hurdle facing Trump's JPMorgan Chase lawsuit, which is proving political discrimination when bank agreements grant broad authority to close accounts.