"President Trump sued JPMorgan Chase and chief executive Jamie Dimon on Thursday, seeking at least $5 billion in damages over allegations that the country's biggest bank closed his account for political reasons. The lawsuit follows through on a threat Trump made on his Truth Social network over the weekend and caps several days of escalating tensions between the president and one of the most powerful CEOs in the United States."
"In an emailed statement, a JPMorgan Chase spokesperson told NPR the lawsuit "has no merit" and said it intends to defend itself. JPMorgan Chase "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 bank's statement said."
President Trump filed a Miami-Dade state court lawsuit against JPMorgan Chase and CEO Jamie Dimon seeking at least $5 billion, alleging the bank closed his accounts in 2021 for political reasons weeks after the January 6 attack. The suit claims the bank acted from political and social motivations and 'woke' beliefs to distance itself from Trump's conservative views. JPMorgan responded that the lawsuit 'has no merit', saying it closes accounts only when they create legal or regulatory risk and that regulatory expectations force such decisions. Trump has pursued similar claims against other banks and issued an executive order on debanking.
Read at www.npr.org
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