President Trump Files $5 Billion Lawsuit Against JPMorgan Chase
Editor’s note: This story is developing and will be updated.
President Donald Trump has taken legal action against JPMorgan Chase and its CEO, Jamie Dimon, by filing a $5 billion lawsuit. The lawsuit, filed in Miami-Dade County state court, alleges political debanking by the financial institution.
A JPMorgan spokesperson has confirmed the lawsuit, stating that “Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America.” The complaint accuses JPMorgan of trade libel and breach of implied covenant of good faith and fair dealing.
According to Bloomberg, which obtained a copy of the complaint, court documents were not immediately available online. Trump shared a Fox Business news story about the lawsuit on his Truth Social page.
Allegations and Response
Trump stated on Jan. 17 that he intended to sue Dimon and JPMorgan for allegedly debanking him in connection with the Jan. 6, 2021, U.S. Capitol riot. However, a spokesperson for JPMorgan responded by saying, “While we regret President Trump has sued us, we believe the suit has no merit.” The spokesperson emphasized that JPMorgan does not close accounts for political or religious reasons but rather due to legal or regulatory risk.
The spokesperson further explained, “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.”
Trump’s attorney, Alejandro Brito, did not immediately respond to a request for comment on the lawsuit. Both the Trump Organization and the White House also did not provide a comment on the matter.
The lawsuit highlights the ongoing debate surrounding debanking practices and the involvement of major financial institutions in such actions. It underscores the broader implications of these practices on individuals and businesses across the country.
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