Trump sues JPMorgan, accusing bank of closing his accounts for political reasons
The US president’s US$5 billion lawsuit alleges that the bank singled him out for ‘debanking’ after the January 6 Capitol attack
US President Donald Trump has filed a US$5 billion lawsuit against JPMorgan Chase on accusations of debanking, according to a complaint posted on the CNBC website.
Trump said JPMorgan violated its own policies by singling him out, in a bid to ride the “political tide”, and terminating several of his accounts.
He said the bank “unabashedly” boasted for 225 years it served customers with respect, and worked diligently to uphold its core values.
“Despite claiming to hold these principles dear, JPMC violated them by unilaterally – and without warning or remedy – terminating several of plaintiffs’ bank accounts,” Trump said.
Trump had said over the weekend he plans to sue JPMorgan some time in the next two weeks for allegedly “debanking” him following the January 6, 2021, attack on the US Capitol by his supporters.
“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,” JPMorgan said in a statement.