Trump sues JPMorgan Chase, CEO Jamie Dimon for $5 billion over alleged political debanking

President Donald Trump filed a lawsuit on Thursday against JPMorgan Chase and its CEO, Jamie Dimon, for $5 billion over allegedly debanking him for political reasons.

Trump's attorney, Alejandro Brito, filed the lawsuit in Florida state court in Miami on behalf of the president and several of his hospitality companies, Fox Business reported.

"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," the lawsuit states, citing the bank’s code of conduct.

"Despite claiming to hold these principles dear, JPMC violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts," the lawsuit claims.

A JPMorgan Chase spokesperson told Fox News on Thursday, "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 — that’s what courts are for." 

"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. We have 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 sector," the spokesperson added.

Trump had been a JPMorgan customer for decades, and he and his affiliated entities "have transacted hundreds of millions of dollars" through the bank, according to the lawsuit.

According to Brito, Feb. 19, 2021, was the day that "forever altered the dynamic of the parties’ relationship," when the bank, allegedly "without warning or provocation," notified Trump and his entities that several bank accounts they controlled, were beneficiaries of, and actively used to transact "would be closed just two months later, on April 19, 2021."

"JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal," the lawsuit claims. 

Brito said they are "confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views."

"In essence, JPMC debanked plaintiff’s accounts because it believed that the political tide at the moment favored doing so," the lawsuit states. "In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution."

Trump is alleging that JPMorgan Chase and Dimon committed trade libel, violated Florida’s unfair and deceptive trade practices act, and breach of implied covenant of good faith and fair dealing. He is seeking a jury trial.