Trump sued JPMorgan and its CEO for $5 billion for denial of service

Donald Trump has filed a lawsuit against the largest US bank JPMorgan Chase and its CEO Jamie Dimon for $5 billion. The US President demanded compensation for the fact that the bank stopped providing banking services to him and his businesses for political, as Trump believes, reasons, Bloomberg writes. JPMorgan said it does not close accounts because of clients' political or religious views, but does so in cases where such accounts pose legal or regulatory risks to the bank.

The lawsuit was filed Thursday, January 22, by Donald Trump's lawyers in a Miami-Dade County (Florida) court. It includes allegations against JPMorgan Chase and Dimon of commercial defamation, violation of implied good faith, and violation of Florida's Unfair Trade Practices Act, Bloomberg reports. Trump's lawyers pointed out in the suit that Florida law prohibits financial institutions from severing relationships with customers based on their political views, statements or affiliations.

The bank denies Trump's accusations.

JPMorgan shares were up 2% at the moment in Thursday trading, but slowed to 0.5% after reports of Trump's lawsuit, dropping to $303.2.

JPMorgan closed the accounts of Trump and his companies shortly after supporters of the U.S. president, who lost the election in late 2020, stormed the Capitol on Jan. 6, 2021.

Trump has repeatedly criticized JPMorgan for this decision: he claimed that some banks refuse to serve customers for ideological reasons, Bloomberg recalls. In November, the largest U.S. bank said it was under scrutiny and involved in proceedings related to the Trump administration's fight against so-called debunking - denial of financial services. Separately, the Trump Organization is already suing Capital One over a similar issue.

Deutsche Bank and Signature Bank also severed their relationships with Trump in 2021.

"The practice of debunking is a matter of public interest and critical importance to all consumers and businesses in the U.S. - and JPMorgan, given its history and leadership position, plays a central role in this troubling story," said the text of the lawsuit, seen by Bloomberg.

The bank said in a statement that the lawsuit has no merit. "We do close accounts if they pose legal or regulatory risks to the company," JPMorgan said in a statement quoted by Bloomberg. - We are sorry to have to go to such measures, but often it is the rules and requirements of regulators that force us to do so. We have repeatedly asked both the current administration and previous ones to change these regulations, and we support the current efforts to prevent the banking sector from being used as a tool of pressure".

This article was AI-translated and verified by a human editor