Trump sues JPMorgan Chase for politically motivated account closure, seeks $5 billion in damages

Odaily Planet Daily News: U.S. President Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, claiming $5 billion and accusing the financial institution of closing his accounts for political reasons. The complaint filed on Thursday alleges that the bank engaged in commercial defamation and violated the implied covenant. Additionally, the complaint states that Dimon violated Florida’s Deceptive Business Practices Act. In response, JPMorgan Chase stated that it would not close accounts for political or religious reasons. Previously, in efforts to stop banks from refusing financial services to clients based on ideology, Trump repeatedly named JPMorgan Chase. The lawsuit states that approximately seven weeks after Trump supporters stormed the U.S. Capitol on January 6, 2021, JPMorgan Chase closed Trump’s and his business accounts. At that time, Trump had already left office, and his political influence as President was relatively low. According to the lawsuit, JPMorgan Chase “without any warning or inducement” notified Trump of the account closure, causing him significant financial and reputational damage. (Jin10)