President Donald Trump filed a lawsuit Thursday against JPMorgan Chase and its chief executive, Jamie Dimon, alleging the bank improperly closed his accounts in 2021 and blacklisted him and his family from doing business with the firm. Trump is seeking at least $5 billion in damages.
Because the bank closed the accounts without advance notice, the president and his hospitality companies “suffered considerable financial harm and losses caused not only by the interruption to their access to JPMC’s banking services, but also by the devastating impact on Plaintiffs’ ability to transact and access their monies, and by having to enter into less favorable business arrangements with other financial institutions,” according to a copy of the lawsuit.
The lawsuit does not appear to be on the Florida state court website yet.
In a statement, JPMorgan Chase said the suit “has no merit.”
“JPMC does not close accounts for political or religious reasons,” it said. “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.”
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