The case comes amid growing tensions between the President and JPMorgan CEO Jamie Dimon|Steve Jurvetson|CC BY 2.0
President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, accusing the bank of closing his accounts for political reasons.
The lawsuit says JPMorgan informed Trump and his businesses in early 2021 that it would shut several long-held accounts following the January 6 Capitol attack.
Trump claims the bank acted on woke political motives and believed public opinion supported the move.
JPMorgan plans to fight the lawsuit and has denied the accusations, saying it does not shut accounts based on politics or religion. The bank said it only acts to manage legal and regulatory risks.
The case comes amid growing tensions between Trump and Dimon. Trump has accused major banks of targeting conservatives and previously sued Capital One.
Dimon recently criticized Trump’s proposal to cap credit card interest rates at 10%, warning it could hurt the economy.