Trump Sues JPMorgan for Closing His Account Over Political Reasons, Claims $5 Billion

Odaily News U.S. President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, seeking $5 billion in damages, alleging that the financial institution closed his accounts due to political reasons. The complaint filed on Thursday accuses the bank of commercial defamation and breach of an implied contract. Simultaneously, the complaint alleges that Dimon violated Florida's Deceptive and Unfair Trade Practices Act. In response, JPMorgan stated that it does not close accounts based on political or religious reasons. Previously, in efforts to push for actions to stop banks from denying financial services to clients based on ideological reasons, Trump had repeatedly singled out JPMorgan. The complaint states that approximately seven weeks after Trump supporters stormed the U.S. Capitol on January 6, 2021, JPMorgan closed the accounts of Trump and his businesses. At that time, Trump had already left office and had diminished presidential political influence. According to the complaint, JPMorgan "without any warning or provocation" notified Trump of the account closures, causing him significant financial and reputational damage. (Jin10)