Trump Sues JPMorgan for $5 Billion Over Account Closures

Former President Donald Trump filed a lawsuit on January 22 against JPMorgan Chase and its chief executive officer, Jamie Dimon, seeking at least $5 billion in damages over claims that the bank terminated his personal and business accounts for political reasons. The complaint was lodged in Miami-Dade County state court in Florida, accusing the institution of trade libel, breach of the implied covenant of good faith and fair dealing, and violations of Florida's deceptive trade practices law.

According to the lawsuit, JPMorgan closed multiple accounts belonging to Trump, the Trump Organization, and affiliated hospitality entities in February 2021, shortly after he left office. The bank provided just 60 days' notice without explanation, the filing alleges, severing access to millions of dollars and disrupting business operations. Trump's legal team contends that the actions forced the entities to scramble for alternative banking arrangements, causing significant financial harm. The complaint further asserts that the closures stemmed from political motivations tied to the events of January 6, 2021, at the U.S. Capitol, when several financial institutions reviewed relationships with...