Trump Sues JPMorgan Chase For $5 Billion Over Account Closures

Former President Donald Trump has filed a $5 billion (£3.7 billion) lawsuit against JPMorgan Chase, accusing the banking giant of unlawfully shutting his accounts over political reasons.

The lawsuit also names JPMorgan CEO Jamie Dimon and claims that Trump and his businesses suffered “considerable financial and reputational harm” after the bank abruptly closed their accounts in 2021.

JPMorgan Chase moved to end the banking relationship following the January 6, 2021, Capitol riot, when Trump supporters stormed the US Capitol during the certification of the election results.

A spokesperson for the bank dismissed the lawsuit, saying it “has no merit” and insisting, “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”