Former US President Donald Trump is suing JPMorgan Chase and its Chief Executive Officer Jamie Dimon for at least $5 billion, alleging the defendants ceased providing banking services to him and his affiliated companies for political reasons.
The complaint, filed in a state court in Miami-Dade County, accuses JPMorgan of commercial defamation and breaching the implied covenant of good faith and fair dealing. The plaintiff also claims that Dimon violated Florida's Deceptive and Unfair Trade Practices Act.
JPMorgan responded by stating that it does not close accounts based on political or religious affiliations.
Trump has repeatedly singled out JPMorgan while advocating for a crackdown on what he terms ideological discrimination by banks against customers. JPMorgan closed his and his companies' accounts approximately seven weeks after his supporters stormed the US Capitol on January 6, 2021. At that time, Trump had already left office and was politically embattled.
The plaintiffs in the case are Trump himself and several of his business entities.
The lawsuit alleges that the nation's largest bank informed the plaintiffs of the account terminations "without warning and without any provocation," causing significant economic and reputational harm. Bloomberg viewed the complaint but could not immediately locate it in court records.
Since returning to the presidency last year, Trump has sought to retaliate against individuals he perceives as political adversaries. He or his administration have taken action against law firms, universities, corporations, media outlets, Democratic officials, and others whose ideologies diverge from his own.
JPMorgan issued a statement asserting that the lawsuit filed by the plaintiff is without merit.
"We do close accounts that present legal or regulatory risks to the firm," the New York-based bank stated. "We regret this, but often, rules and regulatory requirements compel us to do so. We have consistently called on this administration and previous ones to amend the rules and regulations that lead to these situations, and we support this administration's efforts to prevent the weaponization of the banking industry."
In November of last year, JPMorgan disclosed that it is facing scrutiny, investigations, and legal proceedings related to the Trump administration's crackdown on "debanking."
