NEW YORK CITY (dpa-AFX) - President Donald Trump has sued JPMorgan Chase & Co. (JPM) and its CEO, Jamie Dimon, for at least $5 billion, accusing the bank of stopping its services to him and his businesses for political reasons.
The complaint, filed Thursday, accuses the bank of trade libel and breach of the implied covenant of good faith. It also claims Dimon violated Florida's deceptive trade practices law.
'Plaintiffs 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,' the lawsuit alleges.
'In essence, JPMC debanked Plaintiffs' Accounts because it believed that the political tide at the moment favored doing so,' says the suit, which was filed in state court in Miami-Dade County, Florida.
In response, the bank said it doesn't close accounts for political or religious reasons.
'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,' the bank said in a statement.
'Our company 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 this Administration's efforts to prevent the weaponization of the banking sector,' the statement added.
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