Donald Trump Sues JPMorgan for $5 Billion Over Alleged Debanking in 2021

TLDR

• Donald Trump has filed a $5 billion lawsuit against JPMorgan over the alleged unlawful closure of his accounts in 2021.
• The lawsuit claims that JPMorgan failed to provide a valid reason for the account terminations and caused financial harm.
• Trump argues that JPMorgan’s actions violated Florida’s deceptive trade practices law and breached good faith provisions.
• JPMorgan responded by denying the allegations and stating that account closures were due to legal and regulatory risks.
• Trump’s lawsuit follows his executive order aimed at preventing politicized debanking and protecting conservative customers.

President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, accusing the bank of unlawfully closing his accounts in 2021. The suit, filed in Miami-Dade County, claims the global bank engaged in trade libel and violated Florida’s deceptive trade practices law. Trump seeks to hold JPMorgan responsible for damages to his reputation and business operations following the closure of his accounts.

Allegations of Unjustified Account Closures

Trump’s lawsuit asserts that JPMorgan debanked him and several of his businesses without providing a valid reason. The accounts in question were reportedly closed on February 19, 2021, with a final termination date set for April 19, 2021. The president claims no explanation was given for the decision and says that despite his direct communication with JPMorgan CEO Jamie Dimon, the bank failed to resolve the matter.

In the lawsuit, Trump argues that JPMorgan violated the principles of good faith and fair dealing. The former president contends that Dimon personally assured him he would address the situation but ultimately did not follow through. The filing accuses Dimon of misleading Trump by failing to address the issue promptly.

JPMorgan Responds to the Lawsuit

In response to the lawsuit, JPMorgan issued a statement saying the suit was without merit. The bank clarified that it does not close accounts for political or religious reasons. “We do close accounts because they create legal or regulatory risks for the company,” the bank said, adding that it had raised concerns about the banking sector’s regulations with both the Trump and Biden administrations.

The statement also emphasized that JPMorgan had to comply with industry rules and regulations. The bank expressed regret over the need to close the accounts but reaffirmed its position on following regulatory expectations. JPMorgan’s spokesperson noted that the company supported efforts to prevent the weaponization of the banking sector.

Trump’s Efforts Against Debanking Practices

This lawsuit follows Trump’s executive order aimed at preventing “politicized” debanking. Signed after the end of his presidency, the order directs federal regulators to reinstate customers who were unjustly debanked. Trump’s lawsuit further highlights ongoing tensions between conservative figures and large financial institutions over allegations of political discrimination.

Trump’s son, Donald Trump Jr., has also voiced similar concerns, claiming that banks have restricted services to conservative individuals and organizations. These remarks come in the context of broader debates around the role of financial institutions in political matters.

Since the lawsuit’s filing, the Trump family has continued to challenge what they view as unjust banking practices. Trump’s executive order and the lawsuit reflect his ongoing push against policies he believes unfairly target conservative viewpoints.

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