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JPMorgan Chase has confirmed the closure of over 50 bank accounts linked to former President Donald Trump, following the conclusion of his first presidential term.
According to the New York Times, the bank disclosed on Friday that these closures took place in February 2021, shortly after the events of the January 6 Capitol riot.
This admission from JPMorgan arose in response to a lawsuit filed by Trump and the Trump Organization against the bank and its CEO, Jamie Dimon, in January, citing the termination of these accounts.
The accounts in question reportedly encompassed those related to Trump’s various business ventures, including hotels, housing developments, and retail outlets across multiple states, as well as his personal banking accounts handling his inheritance.
While JPMorgan did not provide specific reasons for the account closures, a letter addressed to Trump on February 19, 2021, stated that he should seek “a more suitable institution with which to conduct business.”
JPMorgan did not specify in those letters a specific reason for the mass account closings. In one unsigned note to Mr. Trump, dated Feb. 19, 2021, the bank wrote that he would need to “find a more suitable institution with which to conduct business.”
Breitbart News’s John Nolte reported, Trump’s attorneys filed a $5 billion lawsuit against JPMorgan and Dimon, claiming that the institution debanked several of his accounts:
The lawsuit says that on February 19, 2021, Trump received notice, “without warning or provocation,” that several of his and his company’s bank accounts would be closed “just two months later, on April 19, 2021.
“In essence, JPMC debanked plaintiff’s accounts because it believed that the political tide at the moment favored doing so,” the lawsuit claims.
Prior to the revelation by JPMorgan, the institution had previously requested “the case be moved from Florida state court… to a federal court in New York,” according to the NYT.