Trump JPMorgan lawsuit seeks $5bn in damages over alleged politically motivated account terminations by the US banking giant
President Donald John Trump of the United States on Thursday filed a 5 billion dollar lawsuit against JPMorgan Chase and its Chief Executive Officer, Jamie Dimon, alleging that the bank unlawfully terminated his accounts due to political discrimination.
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The lawsuit was filed in a Florida state court in Miami by Trump’s lawyer, Alejandro Brito, on behalf of the president and several of his hospitality businesses, according to court documents cited by Reuters.
The suit claims that JPMorgan notified Donald Trump and his associated companies in February 2021 that it would close their banking accounts, providing 60 days’ notice before the terminations took effect.
According to the filing, JPMorgan did not provide a clear explanation for the decision, and Donald Trump and his businesses later concluded that the closures were motivated by political bias linked to his affiliations and public profile.
The lawsuit alleges that the bank’s actions amounted to unlawful debanking of Donald Trump, the Trump Organisation, affiliated entities, and members of the Trump family.
Donald Trump also claims that he personally contacted Jamie Dimon to raise concerns about the account closures and was assured that the matter would be reviewed.
However, the suit states that Jamie Dimon never followed up or reversed the decision, despite the assurance, leaving Donald Trump and his businesses without access to long standing banking services.
Reacting to the lawsuit, JPMorgan Chase rejected the allegations and described the claims as unfounded.
In a statement quoted by Reuters, the bank said it regretted that Donald Trump had chosen to pursue legal action but maintained that the case lacks merit.
JPMorgan said it does not close customer accounts for political or religious reasons, but rather when accounts pose legal or regulatory risks to the institution.
The bank added that regulatory obligations sometimes require it to end client relationships, even when such decisions are unwelcome or controversial.
The case lands amid broader scrutiny of so called debanking practices in the United States financial system.
In December, a US banking regulator disclosed that the country’s nine largest banks had previously placed restrictions on providing services to certain controversial industries, a practice that has sparked political debate and calls for tighter oversight.
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The Trump JPMorgan lawsuit is expected to test the boundaries between private banking discretion, regulatory compliance, and claims of political discrimination involving high profile public figures.
