The world’s largest bank is facing a $600 million defamation lawsuit for allegedly spreading misinformation, disrupting trade, and severely damaging the reputation of a multimillion-dollar company.
Sinai Holdings, a Florida-based medical services company, Claim The bank mistakenly placed the company and its owner, Jacob Gitman, on a list of individuals and entities to avoid.
Mr. Gitman said that for years, Mr. Chase effectively told customers that Sinai Holdings was monitored by the Office of Foreign Assets Control (OFAC), which administers and enforces sanctions against individuals and countries. They say they have refused to do business with them and damaged their reputation.
“OFAC sanctions are against human traffickers, terrorists, or people proliferating weapons of mass destruction…Chase knows there are no OFAC investigations or sanctions, but why is the deal still being canceled? We continue to communicate this in writing to our customers to explain this.”
The plaintiffs are seeking injunctive relief, as well as general, special, and punitive damages from JPMorgan, citing so-called “industry-wide defamation” suffered as a result of the bank’s actions.
Once worth $600 million, Mr. Sinai said, he lost access to bank accounts and lines of credit and suffered a dramatic decline in his value “as a direct and direct result of Mr. Chase’s defamation.” It is said that he was visited.
“Chase’s industry-wide defamation led to Sinai and Gitman’s bank accounts being closed at Bank of America, Regions Bank, TD Bank, and others…
Based on the conduct described herein, which continues even after Chase became aware of its consistently lying policies and practices at multiple levels of its organization, Chase has defamed Plaintiffs and caused irreparable harm. and will continue to completely destroy their business. Therefore, absent an injunction, plaintiffs will have no adequate legal remedy to prevent the irreparable harm asserted herein. ”
JPMorgan declined to comment and has not issued a statement regarding the ongoing litigation.
Two weeks ago, about 200 former Chase customers complained to the New York Times that their accounts had been unfairly suspended, causing financial chaos and confusion.
And in May, attorneys general from 19 states sent a letter to the bank’s CEO, Jamie Dimon, saying the financial giant had violated its own equality policies when closing accounts.
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