MIAMI–President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, for alleged political “debanking.”
Trump filed the complaint in Miami-Dade County state court, accusing JPMorgan of trade libel and breach of implied covenant of good faith and fair dealing, according to Bloomberg, which reported it has seen a copy of the complaint.
A JPMorgan spokesperson confirmed the lawsuit to Bloomberg, and Trump shared a Fox Business story reporting the lawsuit on his Truth Social page.
“Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America — and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga,” the complaint states.
Trump earlier in January that he intended to sue Dimon and JPMorgan for allegedly debanking him in connection with the Jan. 6, 2021, U.S. Capitol riot.
Trump’s attorney, Alejandro Brito, did not immediately respond to a request for comment. The Trump Organization and White House also did not respond to a request for comment, Bloomberg reported.
‘Suit Has No Merit’
“While we regret President Trump has sued us, we believe the suit has no merit,” a JPMorgan spokesperson told Banking Dive. “We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for.”
“JPMC does not close accounts for political or religious reasons,” the spokesperson said, according to Banking Dive. “We do close accounts because they create legal or regulatory risk for the company. 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.”
