JPMorgan says President Trump lawsuit ‘has no merit’

JPMorgan (JPM) issued a statement: “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for. Our company does not close accounts for political or religious reasons. 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.”