Donald Trump filed a $5 billion lawsuit against JPMorgan Chase, alleging the bank illegally closed his accounts for political reasons. The lawsuit, filed in Florida, also names JPMorgan Chase CEO Jamie Dimon and claims Trump and his businesses suffered "considerable financial and reputational harm" after the abrupt closure of their accounts in 2021.
The bank's decision to close the accounts followed the January 6, 2021, riot at the U.S. Capitol, where Trump supporters sought to disrupt the formal certification of the election results. A JPMorgan Chase spokesperson stated, "the suit has no merit," adding, "JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."
The lawsuit represents the latest conflict between Trump and Dimon, who has led JPMorgan Chase for two decades. Dimon has recently voiced opposition to the current administration's proposal to cap credit card interest rates and criticized its immigration policy.
Trump initially announced his intention to sue over the weekend. The lawsuit argues the bank's actions were discriminatory and politically motivated. The suit seeks $5 billion in damages, alleging the account closures were not based on legitimate business reasons.
The case is now pending in the Florida court system. Legal experts anticipate a lengthy legal battle, given the complex issues involved and the high profile of the parties.
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