Trump sues JPMorgan and its CEO for $5 billion for alleged ‘political’ debanking
Trump sues largest US bank and its CEO for ‘political’ debanking
- Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase, accusing the largest US lender of "debanking" him and his associated hospitality companies.
- The legal action, filed in a Florida state court, alleges that JPMorgan Chase unilaterally terminated several of Trump's bank accounts without warning or remedy.
- Trump had previously announced his intention to sue the bank, claiming he was "debanked" following the Jan. 6 attack on the U.S. Capitol.
- JPMorgan Chase responded by stating it believes the suit has no merit and clarified that it does not close accounts for political or religious reasons, but rather due to legal or regulatory risk.
- The practice of "debanking" has drawn scrutiny, with banks facing increasing political pressure, particularly from conservatives who allege discrimination against certain sectors.
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