President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon for $5 billion. He alleges the bank closed his accounts for political reasons after he left office in January 2021. The lawsuit, filed in Miami-Dade County court, claims JPMorgan abruptly closed multiple accounts in February 2.
— President Donald Trump sued banking giant JPMorgan Chase and its CEO Jamie Dimon for $5 billion on Thursday over allegations that JPMorgan stopped providing banking services to him and his businesses for political reasons after he left office in January 2021.
The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days notice and no explanation. By doing so, Trump claims JPMorgan and Dimon cut the president and his businesses off from millions of dollars, disrupted their operations and forced Trump and the businesses to urgently open bank accounts elsewhere.
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“JPMC debanked (Trump and his businesses) because it believed that the political tide at the moment favored doing so,” the lawsuit alleges.
In the lawsuit, Trump alleges he tried to raise the issue personally with Dimon after the bank started to close his accounts, and that Dimon assured Trump he would figure out what was happening.
