President Donald Trump on Thursday sued JPMorgan Chase and its CEO, Jamie Dimon, for closing his accounts five years ago and allegedly putting him and his family on a “blacklist.”
The lawsuit centers on the banking giant’s closure of several accounts linked to Trump in the wake of the Jan. 6, 2021, attacks on the U.S. Capitol by a mob of MAGA supporters. Trump is seeking at least $5 billion in damages.
In the complaint, filed in Miami-Dade County, Florida, Trump alleges that the “debanking” was “a unilateral decision [which] came about as a result of political and social motivations” and criticizes the bank’s “woke” beliefs. The closure of the accounts, the plaintiffs argue, led to financial and reputational harm.
The suit alleges that JPMorgan Chase “at the direction of Dimon … has unlawfully and unjustifiably published … the names of President Trump, the Trump Organization with its affiliated entities, and/or the Trump family, on a blacklist.”
Trump claims he and his businesses “have always complied with all applicable banking rules and regulations.”
In a statement to CNBC, JPMorgan Chase denied that it closed Trump’s accounts for political reasons, saying, “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,” said Patricia Wexler, the bank’s spokesperson. “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so.”
Wexler added that the bank has 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.”
Erum Salam is a breaking news reporter for MS NOW, with a focus on how global events and foreign policy shape U.S. politics. She previously was a breaking news reporter for The Guardian.