Trump sues JP Morgan and Jamie Dimon for $5 billion

Donald Trump has sued JP Morgan Chase and its chairman, Jamie Dimon, for $5 billion. According to the chairman, he was unseated for political reasons. The lawsuit was filed in court in Miami-Dade County, Florida. The president's lawyers allege that the bank abruptly closed his personal and business accounts in February 2021, without notice or explanation, causing him to have to open emergency bank accounts at other entities. This practice is popularly known as 'debanking'.

Trump had warned of a possible lawsuit previously, alleging that the bank's move was politically motivated following the events of January 6, 2021. It was eventually filed by attorney Alejandro Brito on behalf of the president and several of his hotel companies. In the text, the counsel cites the bank's own code of conduct, which states that it operates "with the highest level of integrity and ethical conduct."

"We set high expectations and hold ourselves accountable. We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior," reads the lawsuit.

It further states that the bank "did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal."

The lawsuit filed by Brito also alleges that both the bank and Dimon had included Trump, his family and his companies in a supposed "blacklist." This document is allegedly accessible to federally regulated banks and is composed of individuals and entities with a history of wrongdoing.

JP Morgan responded shortly after the lawsuit was filed in a statement: "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."

"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," they added. 

Being a civil, not criminal, lawsuit, the chairman is seeking damages (money) for what he considers illegal conduct by JPMorgan under Florida state law. It therefore does not involve criminal charges against Dimon or the bank, but is instead a claim for financial compensation and reputational repair.