It has been just revealed that JPMorgan Chase is yet involved in another huge scandal. Check out the latest reports about this below.

JPMorgan Chase involved in another scandal

Sinai Holdings, a medical services company based in Florida, has filed a $600 million defamation lawsuit against the world’s largest bank.

The lawsuit alleges that the bank spread false information, hindered transactions, and severely damaged the reputation of the multi-million dollar business.

The company’s owner, Jacob Gitman, claims that the bank mistakenly put Sinai Holdings on a list of individuals and entities to avoid.

As a result, Chase bank rejected transactions from the company and essentially told customers that Sinai Holdings was being monitored by the Office of Foreign Assets Control (OFAC), which imposes and enforces sanctions against individuals and countries.

The allegations have caused significant harm to Sinai Holdings’ reputation and business operations.

“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 and various types of damages from JPMorgan. They claim that they have faced “industry-wide defamation” as a result of the bank’s actions.

Sinai, which was once valued at $600 million, suffered a significant devaluation due to JPMorgan’s alleged defamation. The company was unable to access its bank accounts and lines of credit.

“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.

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