American President Donald Trump has launched a $5 billion U.S. lawsuit against JPMorgan Chase (JPM) and its Chief Executive Officer (CEO) Jamie Dimon, claiming that he was “debanked” by the financial institution.
In the lawsuit, Trump claims that JPMorgan Chase closed accounts belonging to him and his companies in early 2021, in what the lawsuit calls “political actions.”
The bank account closures came on the heels of the Jan. 6, 2021, riot by Trump supporters at the U.S. Capitol and the end of the U.S. president’s first term in office.
“He debanked me,” Trump told reporters hours after his lawsuit was filed in Florida state court. “He shouldn’t be debanking. It’s so wrong. Jamie Dimon is not allowed to do what he did.”
JPMorgan Chase denies that it closed Trump’s accounts for political reasons and suggested that the closures were due to federal rules and regulations.
Trump and various businesses associated with the president are seeking at least $5 billion U.S. in civil damages.
The lawsuit also claims that JPMorgan failed to disclose why the bank was terminating Trump’s accounts, and that the closures were the result of “political discrimination.”
In addition, the legal complaint says that Trump and his businesses have been put on a “blacklist” at JPMorgan Chase, along with members of the Trump family.
In a written statement, JPMorgan Chase said: “While we regret President Trump has sued us, we believe the suit has no merit.”
JPM stock has risen 14% over the last 12 months to trade at $303.63 U.S. per share.
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