Former U.S. President Donald Trump has taken legal action against the nation’s largest bank, JPMorgan Chase, filing a $5 billion lawsuit over claims that the bank terminated his accounts in 2021 due to his political affiliations. The suit, filed Thursday in a Miami state court, also names JPMorgan CEO Jamie Dimon as a defendant. Trump’s legal team includes several of his hospitality businesses as co-plaintiffs.
The lawsuit states that Trump and his businesses were notified in February 2021 that their accounts would be closed, with a 60-day notice period. According to Trump’s counsel, Alejandro Brito, the closures came without explanation, and the president and his companies later discovered that political discrimination played a role in the bank’s decision.
Trump’s lawsuit alleges that he personally reached out to Dimon about the account terminations. While Dimon reportedly assured the former president he would follow up, Trump claims the bank ultimately did not respond. The suit contends that this “debanking” affected not only Trump but also the Trump Organization and affiliated entities.
JPMorgan Chase has publicly responded, saying it regrets the lawsuit but believes it has “no merit.” The bank emphasized that it does not close accounts for political or religious reasons but may do so to mitigate legal or regulatory risks. “We respect the President’s right to sue us and our right to defend ourselves,” a spokesperson told Reuters.
The case comes amid broader scrutiny of the banking industry, as regulators have previously noted that major U.S. banks sometimes restrict financial services to controversial clients or industries—a practice commonly referred to as “debanking.” The outcome of this high-profile lawsuit could have significant implications for both political figures and corporate banking practices in the United States.
source: punch