DDonald Trump has sued JPMorgan Chase and its chief executive Jamie Dimon, seeking at least $5bn in damages over claims the biggest US bank unfairly closed his account for political reasons.
The US president sued JPMorgan in a Miami-Dade County state court on Thursday, accusing the lender of breaching Florida’s deceptive trade practices rules.
JPMorgan on Thursday said: “While we regret President Trump has sued us, we believe the suit has no merit. We respect the president’s right to sue us and our right to defend ourselves — that’s what courts are for.”
The bank added it does not close accounts for political or religious reasons nor because they “create legal or regulatory risk for the company”, and that it often does so because of rules and regulatory expectations.
Trump has attacked US banks over their reluctance to offer him banking services in the aftermath of his departure from the White House in 2021. JPMorgan disclosed in November last year that the government was investigating whether it provided fair banking access to its customers.
JPMorgan said: “We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support the administration’s efforts to prevent the weaponisation of the banking sector.”
