JPMorgan Chase Accused of Severely Damaging Multi-Million Dollar Business, Blocking Transactions and Triggering Mass Account Terminations: $600,000,000 Defamation Lawsuit


The world’s largest bank is facing a $600 million defamation lawsuit for allegedly spreading misinformation, blocking transactions and severely damaging the reputation of a multi-million dollar business.

Sinai Holdings, a Florida-based medical services company, claims the bank erroneously placed the company and its owner Jacob Gitman on a list of individuals and entities to be avoided.

For years, Gitman says Chase rejected his company’s transactions and destroyed its reputation by essentially telling customers that Sinai Holdings was being monitored by the Office of Foreign Assets Control (OFAC), which administers and enforces sanctions against individuals and countries.

“OFAC sanctions are for human traffickers or terrorists or people who are proliferating weapons of mass destruction… Chase knows that there are no OFAC investigations or no sanctions, yet they still continue to put that in written correspondence to customers to explain why a transaction is canceled.”

The plaintiffs are seeking injunctive relief, plus general, special and punitive damages from JPMorgan because of what they call “industry-wide defamation” that they suffered from the bank’s actions.

Sinai says it used to be worth $600 million, but was unable to access bank accounts, lines of credit and suffered a dramatic devaluation “as a direct and proximate result from Chase’s defamation.”

“Sinai and Gitman had their bank accounts at Bank of America, Regions Bank, and TD Bank, among others, closed resulting from Chase’s industry-wide defamation…

Based on the conduct described herein that has continued even after Chase was made aware of its always-lying policies and practices on multiple levels of its organization, Chase will continue to defame and irreparably harm the Plaintiffs’ names and totally destroy their businesses. Thus, absent the entry of an injunction, Plaintiffs have no adequate remedy at law that will prevent the irreparable harm alleged herein.”

JPMorgan has declined to comment and has not released a statement on the ongoing lawsuit.

Two weeks ago, nearly 200 former Chase customers sent complaints to the New York Times stating their accounts were wrongfully terminated, triggering financial chaos and confusion.

And back in May, attorneys general in 19 states sent a letter to the bank’s CEO Jamie Dimon, stating that the financial giant has violated its own policies on equality when shuttering accounts.

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