Trump sues JPMorgan Chase over accounts closure

U.S. President Donald Trump on Thursday sued JPMorgan Chase (JPMC) and its CEO Jamie Dimon for closing his and related entities' accounts in February 2021 allegedly for political reasons.

The lawsuit, filed in a state court in Miami, the U.S. state of Florida, is seeking at least 5 billion U.S. dollars in civil damages, local media reported.

The closures came after the riot on Jan. 6, 2021 by Trump supporters at the U.S. Capitol.

"Plaintiffs are 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," the lawsuit states. "In essence, JPMC debanked Plaintiffs' Accounts because it believed that the political tide at the moment favored doing so."

The lawsuit also alleges that JPMC, at the direction of Dimon, "has unlawfully and unjustifiably published some or all of their names, including the names of President Trump, the Trump Organization with its affiliated entities, and/or the Trump family, on a blacklist."

The lawsuit alleges trade libel and breach of implied covenant of good faith and fair dealing by JPMorgan, and violations of Florida's Unfair and Deceptive Trade Practices Act by Dimon.

In response, JPMorgan said in a statement that the lawsuit has no merit.

"We respect the President's right to sue us and our right to defend ourselves," said Patricia Wexler, the bank's spokesperson. "JPMC does not close accounts for political or religious reasons."

"We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so," Wexler said. "We support the Administration's efforts to prevent the weaponization of the banking."