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According to that article, the lawsuit was filed on behalf of Trump and several of his hospitality companies and alleges that JPMorgan Chase terminated several of their bank accounts in 2021 because of “political and social motivations,” causing the plaintiffs “considerable financial and reputational harm.”
“Our company does not close accounts for political or religious reasons,” the statement said. “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. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support this Administration’s efforts to prevent the weaponization of the banking sector.”
