JPMorgan Chase (JPM) is seeking to move President Donald Trump's $5B lawsuit against the company and its CEO, Jamie Dimon, to federal court, saying he can't be charged according to the Florida state law that Trump cites.
The defendants are asking that the case be moved to a federal court in Florida, with plans to eventually move it to New York. Last month, the president filed the suit, alleging that the bank closed accounts tied to Trump and his businesses for political reasons. The count against Dimon alleges that Dimon directed JPMorgan (JPM) to put the plaintiffs on a "blacklist."
"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," JPMorgan's lawyers said in a court filing on Thursday.
The "Plaintiffs have 'fraudulently joined' JPMorgan's CEO by naming him in their Complaint without any possibility that their claim against him could succeed," the JPMorgan filing said.
The bank also said the president's “threadbare allegations” don't provide sufficient facts to plead the claim. Specifically, the suit doesn't explain what the blacklist entails, who created it and when, "or any other detail describing it." Furthermore, they argue it isn't plausible that the bank could create such a list in accordance with the complex federal regulations it's subject to.
"But to the extent JPMorgan and Mr. Dimon understand these vague, conclusory allegations, they deny them — they are aware of no such list. If and when Plaintiffs explain what they mean by this blacklist, JPMorgan will respond accordingly," the filing added.
A spokesman for Trump's legal team told Bloomberg News in a statement, "By their own admission, JPMorgan Chase, at the direction of CEO Jamie Dimon, unlawfully debanked and blacklisted President Trump, his family, and several of his businesses, causing overwhelming financial and reputational harm. The defendants committed these tortious acts only because of the president’s America First policies, which have saved our nation. President Trump is standing up for all those wrongly debanked by JPMorgan Chase and their cohorts, and will see this case to a just, and proper conclusion."
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