U.S. President Donald Trump has launched a lawsuit against America's largest bank, JPMorgan Chase & Co, and its CEO Jamie Dimon, seeking at least $5 billion (approximately 20.1 billion ringgit) in civil damages.
According to Xinhua News Agency, on the morning of the 22nd, a lawyer representing Trump and several of his companies filed a complaint with a state court in Miami, Florida. Later, Trump reposted a Fox Business News article about the case on social media.
The complaint alleges that after the Capitol riot on January 6, 2021, JPMorgan Chase, motivated by "political and social reasons," unilaterally decided to close multiple bank accounts belonging to Trump and his affiliated businesses. "In essence, JPMorgan Chase closed the plaintiffs' accounts because it believed the political climate at the time favored such action."
Trump's side also accuses JPMorgan Chase of "illegally and without valid reason" placing Trump, the Trump family, and related businesses on a "blacklist" and sharing this with other financial institutions under the instruction of Dimon. The lawsuit accuses JPMorgan Chase of commercial defamation and breaching the covenant of good faith and fair dealing.
JPMorgan Chase responded in a statement that the lawsuit is groundless. The bank stated it does not close accounts for political or religious reasons; account closures are usually due to legal, compliance, or regulatory risks.