"Commercial defamation." Trump sued JP Morgan for its "progressive beliefs" and demanded millions in compensation.

US President Donald Trump has filed a multimillion-dollar lawsuit against Wall Street's largest bank, JP Morgan Chase, and its CEO, Jamie Dimon.

The president accuses the bank of withdrawing financial services and closing bank accounts for "political reasons."

The lawsuit was filed in a Miami-Dade County state court and seeks $5 billion in damages.

The lawsuit against JP Morgan

According to the lawsuit, in February 2021, the bank notified Trump and companies linked to him that it would close their accounts within 60 days.

The measure reportedly affected family properties and businesses without "specific reasons" of a financial or regulatory nature.

Trump on a "blacklist"

The lawsuit alleges that JP Morgan included Trump, members of his family, and several of his companies on an alleged internal "blacklist."

This decision would have affected not only direct accounts, but also wealth management operations involving people close to the president.

According to the lawsuit, the exclusion was authorized by Jamie Dimon himself and had commercial and reputational consequences.

For their part, Trump's lawyers claim that, following the closure of accounts, other financial institutions also refused to provide services, which would have hampered normal operations within the US banking system.

Legal grounds

In the text presented to the court, Trump accuses JP Morgan Chase of "commercial defamation" and "breach of the implied covenant of good faith and fair dealing."

In addition, he accuses Dimon of violating the Florida Unfair and Deceptive Trade Practices Act.

The lawsuit alleges that the bank acted out of "progressive beliefs" and an intention to distance itself from the president's conservative positions.

JP Morgan's response

In a statement, the financial institution said the lawsuit was "without merit" and denied closing accounts for political or religious reasons.

Bank spokespeople pointed out that, in some cases, they must terminate business relationships due to legal or regulatory risks, in compliance with current regulations.

The bank also maintained that various U.S. administrations had received requests to review the rules that influence these types of decisions and expressed its support for avoiding the politicization of the financial system.