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Donald Trump has sued JPMorgan Chase and its Chief Executive Jamie Dimon, claiming the largest US bank wrongly closed his account for political reasons.
The US president sued JPMorgan in Miami-Dade County state court on Thursday, accusing the lender of violating Florida’s deceptive trade practices rules.
JPMorgan said Thursday: “While we are sorry that President Trump has sued us, we believe the lawsuit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what the courts are for.”
The bank said it does not close accounts for political or religious reasons nor because they “pose a legal or regulatory risk to the company”, and that it often does so due to rules and regulatory expectations.
Trump has attacked US banks over their reluctance to provide him banking services after he leaves the White House in 2021. JPMorgan had revealed in November last year that the government was investigating whether it provided proper banking access to its customers.
JPMorgan said: “We are asking both this administration and the former administration to change the rules and regulations that put us in this position, and we support the administration’s efforts to stop the weaponization of the banking sector.”
This is a developing story
