Trump Sues JPMorgan, Demands $5 Billion Over Account Closures

Former U.S. President Donald Trump is suing JPMorgan Chase & Co. – the world’s largest investment bank – and its CEO, Jamie Dimon, demanding at least $5 billion. trump claims the financial giant stopped providing banking services to him and his businesses for political reasons.

The lawsuit, filed on thursday, accuses the bank of business defamation and breach of the implied duty of good faith. It also alleges Dimon violated Florida’s deceptive trade practices law. JPMorgan Chase maintains it doesn’t close accounts based on political or religious beliefs.

Trump has repeatedly targeted JPMorgan in his campaign against banks he believes deny financial services to clients based on ideology. The bank closed Trump’s and his companies’ accounts about seven weeks after the January 6, 2021, attack on the U.S. Capitol by his supporters. At that time, Trump was no longer in office and his political standing was weakened.

The lawsuit, which Bloomberg has reviewed, argues the bank notified Trump “without prior notice or provocation” of