President Donald Trump has sued JPMorgan Chase and its chief executive, alleging the bank closed his accounts for political reasons and caused significant financial and reputational harm.
By yourNEWS Media Newsroom
President Donald Trump on Thursday filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, alleging the bank unlawfully terminated his accounts due to political motivations.
The lawsuit was filed in Florida state court in Miami by Trump’s attorney, Alejandro Brito, on behalf of the president and several of his hospitality companies, according to a report by Fox Business.
The complaint cites JPMorgan Chase’s own code of conduct, which states, “We set high expectations and hold ourselves accountable. We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior.” The lawsuit alleges that despite those stated principles, the bank “violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts.”
A spokesperson for JPMorgan Chase responded to the filing, telling Fox News that the bank disputes the allegations. “While we regret President Trump has sued us, we believe the suit has no merit,” the spokesperson said. “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”
The spokesperson added that the bank does not close accounts for political or religious reasons. “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company,” the statement said. “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 the Administration’s efforts to prevent the weaponization of the banking sector.”
According to the lawsuit, Trump had been a JPMorgan customer for decades, and he and his affiliated entities “have transacted hundreds of millions of dollars” through the bank over that period. Brito identified Feb. 19, 2021, as the date that “forever altered the dynamic of the parties’ relationship,” alleging that JPMorgan informed Trump and his entities—“without warning or provocation”—that several accounts they controlled or used would be closed effective April 19, 2021.
“JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal,” the lawsuit states.
Brito said the plaintiffs are “confident that JPMC’s unilateral decision came about as a result of political and social motivations,” alleging the bank sought to distance itself from Trump and his conservative political views. The complaint further asserts that the bank believed “the political tide at the moment favored doing so.”
“In essence, JPMC debanked plaintiff’s accounts because it believed that the political tide at the moment favored doing so,” the lawsuit states, adding that the alleged actions caused “considerable financial and reputational harm” and contributed to what it describes as a broader trend among financial institutions to deny banking services based on political views.
Trump is accusing JPMorgan Chase and Dimon of trade libel, violations of Florida’s unfair and deceptive trade practices law, and breach of the implied covenant of good faith and fair dealing. The lawsuit seeks $5 billion in damages and requests a jury trial.
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