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

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

President Trump has adopted by on his menace to sue JPMorgan Chase and CEO Jamie Dimon for $5 billion, accusing the nation’s largest financial institution of politically motivated “debanking” after Jan. 6.

The go well with, filed Thursday in Florida state court docket in Miami, claims JPMorgan severed Trump’s banking ties in early 2021 for political causes, abruptly closing a number of accounts tied to the president and his companies after a decades-long relationship.

“JPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so,” the lawsuit said.

Trump’s lawyer, Alejandro Brito, alleges the financial institution acted “without warning or remedy,” giving Trump and his affiliated entities just weeks to maneuver a whole lot of tens of millions of {dollars} and offering no recourse, a call that the lawsuit says violated JPMorgan’s personal code of conduct and amounted to unfair and misleading commerce practices.

President Trump has adopted by on his menace to sue JPMorgan Chase and CEO Jamie Dimon for $5 billion. AP

“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 financial institution’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.

The submitting alleges that JPMorgan’s choice was pushed by what it calls “political and social motivations,” accusing the financial institution of looking for to distance itself from Trump and his conservative views in the aftermath of the Jan. 6, 2021, Capitol riot.

The lawsuit additional claims JPMorgan positioned Trump, his household and affiliated companies on an inner “blacklist” shared with other federally regulated banks, an allegation the submitting says led other monetary establishments to refuse to do enterprise with him and brought on vital monetary and reputational hurt.

“Given that Plaintiffs have always complied with all applicable banking rules and regulations and their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the Trump family’s names on this blacklist, is an intentional and malicious falsehood,” the lawsuit states.

Trump alleges that JPMorgan, headed by Dimon (above), closed his accounts for political causes. AP

Trump is alleging that JPMorgan Chase engaged in “an unfair and deceptive trade practice” by directing the publication of the names to the listing, noting that the financial institution “had no legitimate basis to do so and knew that doing so would induce, and did in fact induce, other banking institutions not to deal with them.”

A JPMorgan spokesperson told The Post: “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,” the spokesperson added.

JPMorgan closed Trump’s accounts following the Jan. 6, 2021, riot at the US Capitol. AFP through Getty Images

“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.”

Trump’s relationship with JPMorgan has deteriorated sharply amid overlapping political, regulatory and private disputes.

The lawsuit follows months of friction, including Dimon’s public criticism of some Trump administration insurance policies — most notably his warning that the Justice Department’s prison probe into Federal Reserve Chair Jerome Powell dangers undermining the central financial institution’s independence and will backfire by pushing rates of interest increased.

JPMorgan has also pushed again against a White House proposal to cap bank card curiosity charges at 10% for a yr, with financial institution executives warning the transfer might prohibit entry to credit score, harm shoppers and disrupt the monetary system.

Tensions spilled into the open again after Dimon criticized Trump’s immigration crackdown at the World Economic Forum in Davos, calling for calmer rhetoric and questioning aggressive ICE enforcement techniques — remarks that marked considered one of the most direct rebukes of the president by a sitting Wall Street CEO.

Trump has not been shy about wielding the menace of litigation against his perceived adversaries.

The president has reached settlements with Paramount, Disney’s ABC News, YouTube and Meta, stemming from disputes over interviews, on-air statements and the suspension of Trump’s social media accounts after Jan. 6.

Those instances have been resolved without admissions of wrongdoing, as firms opted to pay tens of tens of millions of {dollars} slightly than face extended courtroom battles.

The Post has sought remark from the White House.

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