Trump sues JPMorgan for $5B, claims debanking for political reasons

NEW YORK (TNND) — President Donald Trump is suing banking giant JPMorgan Chase and its CEO Jamie Dimon, accusing the financial institution of debanking him and his business for political reasons after he left the White House in 2021.

The $5 billion lawsuit was filed in Florida on Thursday morning by the president’s attorney, Alejandro Brito, noting the bank told Trump and his various businesses it was closing their bank accounts in February 2021 “because it believed that the political tide at the moment favored doing so.”

“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views,” the lawsuit alleges.

The suit also claims JPMorgan’s “reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution.”

JPMorgan released a statement to CNN saying it “regrets” Trump suing them, but “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.”

“We do close accounts because they create legal or regulatory risk for the company,” Trish Wexler, spokeswoman for JPMorgan, said. “We regret having to do so but often rules and regulatory expectations lead us to do so. 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 weaponization of the banking sector.”

In August, Trump signed an executive order that seeks to punish banks for restricting services to customers based on their political or religious beliefs.

He also brought up JPMorgan’s alleged decision to stop banking with him.

“I was loaded up with cash. And they told me, I’m sorry, sir, we can’t have you. You have 20 days to get out. I said, you got to be kidding. I’ve been with you for 35, 40 years,” he told CNBC.

Dimon spoke at the World Economic Forum in Davos on Wednesday and called Trump’s proposal for a 10% cap on credit card interest rates a possible “economic disaster.”

He suggested politicians “test it” in two progressive states, Vermont and Massachusetts, to “see what happens.”