Trump Files Law Suit Against JPMorgan’s CEO Jamie Dimon for $5 billion

Donald Trump filed a lawsuit for $5 billion against JPMorgan Chase & Co. and its CEO, Jamie Dimon accusing of illegally closing his accounts for political reasons.

Donald Trump has filed a $5 billion lawsuit against Jamie Dimon, the CEO of JPMorgan Chase, the largest bank in the United States, claiming that the bank illegally shuttered his personal and business accounts in early 2021 for political reasons.

According to the complaint which was submitted in Florida state court on Thursday, the bank violated Florida's law against misleading trade practices and the promise of good faith. Additionally, it alleges that Dimon broke Florida's law prohibiting misleading trade practices. The bank responded that it does not close accounts based on political or religious beliefs.

The bank unexpectedly terminated multiple accounts connected to Trump and his companies in February 2021 with only 60 days' notice and no thorough explanation, according to the civil lawsuit filed in Miami-Dade County court in Florida. Trump claims that the ruling disrupted company operations, seriously harmed his finances and reputation, and compelled him to transfer money to other institutions.

The complaint states that Trump personally brought up the problem with Dimon after learning of the closures and was promised that it would be investigated, but there was never any follow-up. Trump asserts that having to go to other banking institutions and explain why they had been "debanked" caused significant harm to his and his companies' reputations.

JPMorgan has denied the charges, claiming that the case has no merit and that it does not shut accounts for political or religious purposes. The bank stated that accounts are terminated only when they pose a legal or regulatory danger and that it dislikes having to do so but frequently faces regulatory requirements that leave little choice.

The lawsuit is filed amid rising tensions between the White House and large banks. Trump recently criticized lenders for suspected debanking activities and proposed a 10% restriction on credit card interest rates, which drew strong resistance from the financial industry. Dimon warned this week that such a limitation would limit credit availability and lead to an economic disaster.