- The bank said Trump’s lawsuit relies on the Florida Deceptive and Unfair Trade Practices Act (FDUTPA), which exempts federally regulated banks and their officers.
- JPMorgan also said in its filing that the president’s “blacklist” claim was vague and lacked basic details.
- In January, Trump sued JPMorgan and its CEO Dimon for closing his and his related parties’ bank accounts in 2021.
JPMorgan Chase & Co. (JPM) said on Thursday that U.S. President Donald Trump “fraudulently joined” its CEO Jamie Dimon as a defendant in a lawsuit solely to defeat federal jurisdiction.
In a court filing, the bank moved to transfer the lawsuit to a federal court in Miami from the Florida state court, saying the claim against its CEO is barred under the law in Florida.
JPMorgan said Trump’s lawsuit relies on the Florida Deceptive and Unfair Trade Practices Act (FDUTPA), which exempts federally regulated banks and their officers.
“The very statute Plaintiffs invoke expressly exempts federally regulated bank officers acting in their official capacities, which is all that is alleged here against JPMorgan’s CEO. Moreover, the conduct and injuries alleged cannot support a claim under the statute,” the lawsuit claimed.
Trump’s Lawsuit
In January, Trump sued JPMorgan and its CEO Dimon for closing his and his related parties’ bank accounts in 2021, claiming the bank put them on a “blacklist.”
The lawsuit was filed in Miami-Dade County, Florida, and sought $5 billion in damages on grounds of considerable financial harm and losses, “devastating impact” on financial transaction ability, and less favorable terms with other banks, among others.
JPMorgan, in its latest filing, said that the president’s “blacklist” claim was vague and lacked basic details.
“They do not explain what this blacklist entails, when it was created, to whom it was supposedly circulated, or any other detail describing it. Nor is it plausible that JPMorgan could create such a list consistent with the complex federal regulatory scheme to which it is subject,” the filing said.
“Plaintiffs' threadbare allegations do not allege sufficient facts to plead a claim. Because Plaintiffs have no possibility of success against JPMorgan’s CEO, his inclusion in this suit cannot defeat federal jurisdiction, and this action properly belongs in federal court,” the bank said.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around JPM stock trended in the ‘neutral’ territory over the past 24 hours amid ‘normal’ message volumes.
Meanwhile, retail sentiment around the President’s Trump Media & Technology Group Corp. (DJT) was in ‘neutral’ territory amid ‘normal’ message volumes.
Shares of JPM gained more than 9% in the past year while shares of DJT lost over 62% in the same time.
For updates and corrections, email newsroom[at]stocktwits[dot]com.