JPMorgan Chase claims President Trump still has a personal account with the banking giant — and that several plaintiffs in his $5 billion “debanking” lawsuit subsequently opened new ones — as it seeks to fend off allegations that it blacklisted him for political reasons.
“Those allegations are false — indeed, one of President Trump’s personal accounts with JPMorgan remains open to this day, and several Plaintiffs subsequently opened new accounts with JPMorgan, along with several affiliates,” the bank’s lawyers wrote in Tuesday’s filing to Manhattan federal court.
Trump and nine companies controlled by his family sued JPMorgan and CEO Jamie Dimon in January, alleging that the lender closed their accounts in 2021 for political reasons and placed them on a blacklist that discouraged other financial institutions from doing business with them.
Trump also alleged in his original lawsuit that he personally confronted Dimon over the account closures and that the JPMorgan boss promised to look into the matter but never followed up.
But JPMorgan argues that its account agreements allowed it to close the accounts for any reason — or none at all.
“Even accepting Plaintiffs’ false allegations for this motion’s purposes, they still fail as a matter of law because the account terms grant both parties unqualified authority to close the accounts at will,” the filing states.
According to the bank, Trump and his companies were notified on Feb. 19, 2021, that their accounts would be closed, giving them 60 days to make alternative arrangements.
The relationships were terminated April 19, 2021, nearly five years before the lawsuit was filed.
The bank argues that the complaint fails to identify what information was allegedly circulated, when it was shared or which financial institutions received it.
Trump also failed to identify specific banks that refused to serve him because of the purported blacklist, according to the filing.
JPMorgan’s lawyers called the $5 billion damages demand unsupported by specific evidence of financial losses, arguing that the complaint does not adequately establish a trade libel claim.
The bank also maintains that Trump’s companies waited too long to sue.
“By their own admission, JPMorgan Chase, at the direction of CEO Jamie Dimon, unlawfully de-banked and blacklisted President Trump, his family, and several of his businesses, causing overwhelming financial and reputational harm,” a spokesperson for Trump’s legal team said in a statement.
“President Trump is standing up for all those wrongly de-banked by JPMorgan Chase and their cohorts, and will see this case to a just, and proper conclusion.”
The legal battle comes as JPMorgan and eight other major banks face scrutiny following a federal report released Wednesday that found lenders denied financial services to some customers over their political or religious views or involvement in lawful but controversial businesses.
The Office of the Comptroller of the Currency also investigated Bank of America, Citibank, Wells Fargo, US Bank, Capital One, PNC, TD Bank and BMO, finding that vague “reputation risk” policies sometimes influenced decisions to reject customers.
In response to the OCC report, JPMorgan said its policies prohibit discrimination based on political or religious views and acknowledged that a screening process at its now-defunct WePay subsidiary “did not meet our expectations.”
The bank said it identified and corrected the problem and has since wound down the business.
A JPMorgan spokesperson referred The Post to the court filings.
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