A request by Capital One to end litigation brought by President Donald Trump's trust and related companies is drawing attention to a separate $5 billion-plus case against JPMorgan Chase and CEO Jamie Dimon over alleged political discrimination in banking.
In a July 31 motion in federal court in Miami, Capital One sought dismissal with prejudice of claims that it closed more than 300 accounts after Jan. 6, 2021, because of political bias. Capital One denies that claim, saying anti-money-laundering reviews led to the account actions and that its rules allowed the bank to end customer relationships without notice.
A judge dismissed an earlier complaint in March, allowed limited discovery and gave Trump's businesses another chance to revise their allegations. Capital One now says the updated claims still do not meet legal requirements, and the judge has not issued a decision on the latest motion.
The JPMorgan case is separate and is not affected by Capital One's filing. In that lawsuit, Trump and several businesses ask for damages of $5 billion or more from Dimon and the bank, alleging Chase ended long-running accounts over Trump's conservative views and put Trump-related names on a list available to other banks.
JPMorgan denies wrongdoing, describes the case as without merit and says it does not end accounts because of politics or religion, while reserving the ability to close relationships that pose legal or regulatory concerns.
Both disputes center on how much weight courts give to contract language that lets banks close accounts. Capital One said its terms gave either side "absolute discretion" to end the banking connection. The Chase agreement attached to Trump's complaint says the bank can close an account "at any time for any reason or no reason without prior notice."
Trump's lawyers acknowledge that provision but argue Chase could not use it for an unlawful reason and say the bank acted in bad faith.
