JPMorgan asserts Trump still holds a personal account as it fights $5 B lawsuit

JPMorgan Chase filed a response in Manhattan federal court claiming that Donald Trump still maintains a personal account with the institution and that several of the other plaintiffs have opened new accounts with JPMorgan and its affiliates after the alleged closures. The bank rejected the accusation that it placed Trump on a political blacklist, stating the plaintiffs’ claims are untrue and that the account contracts permit either party to terminate the relationship at any time.

According to the filing, Trump and his family-controlled companies received notice on Feb. 19, 2021 that their accounts would be closed, with a 60-day window to arrange alternatives, and the accounts were formally terminated on Apr. 19, 2021, well before the lawsuit was filed. JPMorgan argued the complaint fails to specify what alleged blacklist information was shared, with which institutions, or how it caused concrete losses, rendering the $5 billion claim speculative.

The bank also pointed to a recent OCC report on discriminatory banking practices, noting it has corrected a screening issue at its former WePay subsidiary. The filing emphasizes that the plaintiffs waited too long to sue and that the legal claim lacks a solid trade-libel basis.