Former US President Donald Trump files a $5 billion lawsuit against JPMorgan Chase, alleging he was debanked for political reasons after the Capitol siege.
NEW YORK: Former US President Donald Trump has filed a civil lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging he was wrongly “debanked” for political reasons.
The complaint, filed in a Florida state court, seeks at least $5 billion in damages.
It focuses on the bank’s decision to cut ties following the January 6 siege on the US Capitol, after Trump refused to concede the 2020 presidential election to Joe Biden.
Trump was notified on February 19 that JPMorgan was closing several of his accounts, resulting in “considerable financial harm,” according to the legal filing.
The lawsuit states that Trump and his businesses were hurt by the interruption to banking services and by having to enter into less favourable arrangements with other institutions.
“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations,” the complaint alleged.
JPMorgan said the case has “no merit” in an official statement.
The bank stated it does “not close accounts for political or religious reasons,” but does close them to mitigate legal or regulatory risk.
“We regret having to do so but often rules and regulatory expectations lead us to do so,” said the bank.
It added that it favours regulatory reform to “prevent the weaponization of the banking sector.”
“While we regret President Trump has sued us, we believe the suit has no merit,” the bank concluded.
