President vs. Banker: Trump's $5 Billion Lawsuit Accuses JPMorgan CEO Jamie Dimon of Using the Banking System as a Weapon

Source: Yellow Original Title: President vs. Banker: Trump’s $5 Billion Lawsuit Accuses JPMorgan CEO Jamie Dimon of Using the Banking System as a Weapon

Original Link: President Donald Trump has sued JPMorgan Chase & Co. and its CEO Jamie Dimon, claiming at least $5 billion in damages over allegations that the bank withdrew financial services from him and his businesses for political reasons.

The lawsuit was filed Thursday in a Miami state court and accuses the country’s largest bank of commercial defamation and breaching its implied duty to act in good faith, Bloomberg reported.

Trump’s legal team also alleges that Dimon violated Florida’s deceptive trade practices statute by allowing politically motivated decisions to influence banking relationships.

JPMorgan denied the allegations, stating that it does not cancel accounts based on political or religious beliefs. The bank noted that decisions to end relationships are based on legal, compliance, or regulatory risks, and argued that the lawsuit is unfounded.

A Broader Campaign Against “Debanking”

The lawsuit is part of a broader effort by Trump to challenge what he has described as ideological discrimination within the U.S. financial system.

Over the past year, Trump has repeatedly accused major banks of denying services to clients whose political opinions fall outside the mainstream of large American corporations.

JPMorgan revealed in November that it was facing regulatory reviews and increased legal scrutiny related to Trump’s broader campaign against so-called “debanking.”

This effort has framed the withdrawal of financial services as a systemic problem affecting businesses and individuals nationwide.

Meanwhile, the Trump Organization has already filed a separate lawsuit against Capital One Financial Corp., alleging similar conduct.

Florida Law at the Center of the Case

Trump’s lawyers argue that Florida law explicitly prohibits financial institutions from ending banking relationships based on speech, affiliations, or political viewpoints.

The lawsuit characterizes JPMorgan as a key player in what it describes as a growing national controversy over access to basic financial services.

“Debanking is a matter of public interest and of great importance to consumers and businesses across the United States,” the filing states, portraying JPMorgan’s actions as emblematic of a larger problem rather than an isolated dispute.

The lawsuit was not immediately available in public court records, and the White House did not respond to requests for comment.

JPMorgan Defends Its Practices

In a statement, JPMorgan said it closes accounts only when necessary to manage its legal or regulatory exposure, adding that such decisions are usually based on existing rules rather than political considerations.

The bank also reiterated that it has urged both the current and previous administrations to review regulations that, in its view, compel banks to make difficult decisions.

JPMorgan stated that it supports efforts to prevent the “instrumentalization” of the financial system, a phrase that has increasingly appeared in debates over banking access.