Former US President Donald Trump has declared his intention to launch legal action against banking giant JPMorgan Chase, escalating a bitter public feud. The threat, made on Saturday via social media, centres on unsubstantiated claims that the bank discriminated against him following the 6 January 2021 Capitol riot.
Lawsuit Threat and Denial of Fed Chair Offer
In a combative online post, Trump stated he would be suing the largest US bank "over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest." He reiterated his baseless assertion that the 2020 presidential election was rigged, calling the protest "correct" for those involved.
The announcement was tied to his criticism of a recent Wall Street Journal report. Trump vehemently denied the article's claim that he had once offered JPMorgan Chase's chief executive, Jamie Dimon, the position of chair of the US Federal Reserve. Trump insists no such offer was ever made and accused the newspaper of poor fact-checking.
Banking Dispute and Broader Fed Conflict
Trump has repeatedly alleged, without providing evidence, that JPMorgan Chase and Bank of America cut off his banking access after the Capitol attack. Both institutions have firmly rejected these accusations. The potential lawsuit adds a new legal front to Trump's ongoing battles with major financial and media institutions.
The dispute comes amid a wider conflict concerning the Federal Reserve. Last week, Dimon warned that Trump's attacks on the current Fed chair, Jerome Powell, risked the central bank's independence and could backfire, potentially driving up interest rates and inflation.
Trump dismissed Dimon's concern, stating, "I think he's wrong. We should have lower [interest] rates." He speculated that Dimon might favour higher rates for financial gain. Powell has claimed the Fed is being targeted for resisting Trump's demands for lower interest rates.
Ongoing Legal and Political Battles
This is not Trump's first legal action against entities linked to the Wall Street Journal. Last year, he filed a $10bn lawsuit against the paper's owner, Rupert Murdoch, and two reporters over allegations concerning sex offender Jeffrey Epstein.
The former president also faces scrutiny over his administration's attacks on Powell, who is reportedly under a Department of Justice investigation related to renovations at the Fed's headquarters. Trump claims he was unaware of this probe before it became public.
As the 2024 election cycle intensifies, Trump's threatened lawsuit against one of Wall Street's most powerful banks signals his continued readiness to engage in high-profile confrontations across the financial, political, and media landscapes.
