Donald Trump filed a $5 billion lawsuit against JPMorgan Chase on Thursday.
The president is accusing the financial institution and its CEO Jamie Dimon of de-banking him for political reasons.
Trump’s attorney Alejandro Brito filed in Florida state court in Miami on behalf of the president and his hospitality companies.
The filing alleges that on February 19, 2021, the bank ‘without warning or provocation’ notified Trump and his entities that multiple bank accounts they owned and used ‘would be closed just two months later, on April 19, 2021.’
Brito said the president is ‘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.’
JPMorgan Says Lawsuit Lacks Merit
A spokesman for JPMorgan told the Daily Mail that the bank ‘does not close accounts for political or religious reasons.’
However, ‘we do close accounts because they create legal or regulatory risk for the company,’ he added.
‘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 statement said.
JPMorgan said it has asked multiple administrations, including Trump’s, to ‘change the rules and regulations that put us in the position’ to close accounts like they did with the president’s.
‘[W]e support the Administration’s efforts to prevent the weaponization of the banking sector,’ the spokesman said.
Trump’s Legal Team Demands A Jury Trial
The lawsuit claims that JPMorgan did not give Trump any ‘warning or remedy’ before deciding to close his accounts.
Trump had been a customer for decades, according to the lawsuit and ‘transacted hundreds of millions of dollars’ through the bank, the filing states.
The President’s legal team is demanding a jury trial and is accusing JPMC and Dimon of trade libel, violating Florida’s unfair and deceptive trade practices act, declaratory relief and breach of implied covenant of good faith and fair dealing.
The filing also alleges that JPMorgan ‘unlawfully and unjustifiably’ published the names of the president, his family members, businesses and affiliates to a ‘blacklist.’
This so-called blacklist, the lawsuit alleges, is accessible by federally regulated banks and is comprised of individuals and entities with a history of malfeasant acts or noncompliance with applicable banking rules and regulations.
Dimon warns Trump’s Fed intervention will backfire
JP Morgan boss Jamie Dimon has warned that the Trump administration’s attacks on Federal Reserve chair Jerome Powell will backfire. Dimon defended the Fed as he spoke with reporters after his bank issued its fourth-quarter earnings results on Tuesday. ‘Everyone we know believes in Fed independence, and so do we, and anything chips away at that is probably not a great idea,’ Dimon said. ‘It will have the reverse consequences. It will raise inflation expectations and probably increase rates over time.’
The nation’s pre-eminent banker added: ‘I don’t agree with everything that the Fed has done,’ but ‘I do have enormous respect for Jay Powell the man.’ Dimon’s warning came as inflation pressures held steady in December, with consumer prices rising 2.7 percent in line with economists’ expectations.
Inflation remains higher than the Fed’s 2 percent target as the central bank continues to battle ‘sticky’ price pressures fueled by tariffs and a resilient jobs market. Donald Trump has demanded aggressive rate cuts to juice the economy, but the Fed has resisted, arguing that running a ‘hot’ economy could reignite inflation.
Powell accused Trump of using the threat of prosecution to pressure the Fed into lowering interest rates in an extraordinary video message on Sunday night. The Justice Department issued subpoenas on Friday over a $2.5 billion renovation of the Fed’s headquarters.
Trump claimed he had no knowledge of the DOJ’s investigation and administration officials, including Treasury Secretary Scott Bessent, were quick to distance themselves from the legal action.
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