Trump Sues JPMorgan, CEO Dimon for $5 Billion Over Alleged Debanking

US President Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion, alleging that the lender stopped offering him and his business banking services for political reasons.

According to the complaint filed on Thursday, Trump accuses the bank of trade libel and breach of the implied covenant of good faith. It also states that Dimon violated Florida’s Deceptive and Unfair Trade Practices Act.

The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days’ notice and no explanation.

By doing so, Trump claims JPMorgan and Dimon cut the president and his businesses off from millions of dollars, disrupted their operations, and forced them to open bank accounts elsewhere urgently.

Meanwhile, the Trump family has continued to reiterate that the banks had debanked his family for political reasons.

Trump And The Fight Against Debanking

Since retaking office, Trump has signed an executive order against debanking. His appointed regulators, including Comptroller of the Currency Jonathan Gould, have similarly warned banks against engaging in any activities that appear to be debanking, a concern the crypto industry at large has had over the past few years.

“You shouldn’t be debanked,” Trump said to reporters while aboard Air Force One on Thursday. “It’s so wrong. I don’t know what their excuse would be. Maybe their excuse would be the regulators.”

Meanwhile, the family has since turned to crypto as a hedge.

“We got into crypto because we were debanked,” Donald Trump Jr. said in a Fox News interview last year. “We had to come up with solutions,” he continued, adding that crypto was the most efficient way to go and “absolutely the future of banking.”

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