Trump’s retribution campaign hits JPMorgan Chase

President Donald Trump sued JPMorgan Chase and its CEO Jamie Dimon on Thursday, accusing the bank of dropping him as a customer and closing his accounts for political reasons in late 2021 following the Jan. 6 insurrection.

The complaint was filed in Miami-Dade County state court, accusing the bank of trade libel and breaching fair trade covenants. Trump is seeking at least $5 billion in damages.

“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations," the lawsuit alleges. It adds that JPMorgan Chase acted on "woke beliefs" in its decision-making regarding Trump.

The lawsuit marks the newest chapter in Trump's retribution campaign against targets such as media organizations, prominent law firms, federal policymakers, Democratic lawmakers, and banks.

JP Morgan Chase pledged to fight the "debanking" lawsuit, describing it as meritless.

“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," a JPMorgan Chase spokesperson said in an emailed statement.

The spokesperson continued, “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."

This is a developing story and will be updated.