(Bloomberg) — Former President Donald Trump is taking legal action against JPMorgan Chase & Co. and its CEO, Jamie Dimon, seeking at least $5 billion. He claims the bank cut off its services to him and his businesses due to political motivations.
The lawsuit, filed on Thursday, accuses the bank of defamation and breaching its obligation of good faith. It also states that Dimon violated Florida’s Deceptive Trade Practices Act, although the bank has stated that it does not terminate accounts for political or religious reasons.
Trump has often pointed fingers at JPMorgan, attempting to counter the narrative that banks might reject services based on ideological views. It’s significant that JPMorgan decided to close his accounts around seven weeks after the Capitol riots on January 6, 2021, when Trump’s influence was notably diminished.
This lawsuit has been filed by Trump along with several related business entities.
According to the complaint submitted in Miami-Dade County state court, JPMorgan abruptly informed Trump and his companies that their accounts would be suspended, leading to considerable financial and reputational fallout. Bloomberg has looked at the complaint but hasn’t found it yet in court documents.
Since resuming office last year, Trump has been on a mission to retaliate against individuals and organizations he views as his adversaries. His actions have extended to law firms, educational institutions, businesses, media outlets, political figures, and a variety of others who don’t share his views.
The filing claims that the bank was driven by a “woke” mindset, feeling the need to disassociate from Trump and his conservative beliefs, stating that JPMorgan debanked him because it thought current political sentiments supported such a move.
In a response, JPMorgan maintains that the lawsuit lacks merit.
The New York-based bank explained, “We close accounts when they present a legal or regulatory risk for us.” They expressed regret over having to take such actions but insisted that often, regulatory expectations compel them to do so. The bank is urging both current and previous administrations to amend the regulations that put them in this challenging position and backs efforts to prevent the misuse of banking services.
