Donald Trump filed a $5 billion lawsuit against JPMorgan Chase on Thursday.
The president is accusing the financial institution and its CEO Jamie Dimon of de-banking him for political reasons.
Trump’s attorney Alejandro Brito filed in Florida state court in Miami on behalf of the president and his hospitality companies.
The filing alleges that on February 19, 2021, the bank ‘without warning or provocation’ notified Trump and his entities that multiple bank accounts they owned and used ‘would be closed just two months later, on April 19, 2021.’
Brito said the president is ‘confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, “woke” beliefs that it needed to distance itself from President Trump and his conservative political views.’
A spokesman for JPMorgan told the Daily Mail that the bank ‘does not close accounts for political or religious reasons.’
However, ‘we do close accounts because they create legal or regulatory risk for the company,’ he added.
President Donald Trump filed a $5 billion lawsuit in Florida state court in Miami against JPMorgan Chase claiming the financial institution close his accounts for ‘his conservative political views’
The lawsuit names JPMorgan Chase and its CEO Jamie Dimon (pictured)
‘While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for,’ the statement said.
JPMorgan said it has asked multiple administrations, including Trump’s, to ‘change the rules and regulations that put us in the position’ to close accounts like they did with the president’s.
‘[W]e support the Administration’s efforts to prevent the weaponization of the banking sector,’ the spokesman said.
The lawsuit claims that JPMorgan did not give Trump any ‘warning or remedy’ before deciding to close his accounts.
Trump had been a customer for decades, according to the lawsuit and ‘transacted hundreds of millions of dollars’ through the bank, the filing states.
The President’s legal team is demanding a jury trial and is accusing JPMC and Dimon of trade libel, violating Florida’s unfair and deceptive trade practices act, declaratory relief and breach of implied covenant of good faith and fair dealing.
The filing also alleges that JPMorgan ‘unlawfully and unjustifiably’ published the names of the president, his family members, businesses and affiliates to a ‘blacklist.’
This so-called blacklist, the lawsuit alleges, is accessible by federally regulated banks and is comprised of individuals and entities with a history of malfeasant acts or noncompliance with applicable banking rules and regulations.
