Account closed sparks a legal battle! Trump sues JPMorgan Chase (JPM.US) for $5 billion in damages.

President Trump filed a lawsuit on Thursday against JPMorgan Chase (JPM.US) and its CEO, accusing the bank of closing his personal and affiliated entities' bank accounts in early 2021 for "political reasons." According to the lawsuit, the account closures occurred shortly after the Capitol Hill riots on January 6, 2021, and against the backdrop of Trump leaving the White House that same month after losing the presidential election to former President Biden and completing the transfer of power. The lawsuit alleges that JPMorgan Chase terminated a long-standing relationship without fully disclosing specific reasons, despite the plaintiffs maintaining a client relationship with the bank for decades. In the lawsuit, Trump and his affiliated businesses are seeking at least $50 billion in civil damages. The lawsuit alleges that JPMorgan Chase attempted to distance itself from Trump and his conservative political views and therefore made the unilateral decision to "debank" him. The lawsuit also claims that the bank believed the political climate at the time supported its actions. Furthermore, the plaintiffs also accuse JPMorgan Chase, at the direction of the CEO, of adding Trump, the Trump Organization, and affiliated entities to a "blacklist." This list is said to be accessible to federally regulated banking institutions and includes individuals and entities deemed to have engaged in improper behavior or not met banking compliance requirements. The lawsuit emphasizes that the plaintiffs have always complied with relevant banking rules and regulatory requirements, and questions the legality and source of the blacklist, stating that it is not part of the government regulatory system. On the legal front, the lawsuit alleges that JPMorgan Chase committed trade libel, violated implied duties of good faith and fair dealing, and accuses the CEO of violating Florida's Deceptive and Unfair Trade Practices Act. In addition to Trump himself, the plaintiffs also include Trump Payroll Corp and several limited liability companies. In response, JPMorgan Chase stated to the media that they regret Trump's lawsuit but believe it is "without merit." The bank's spokesperson, Patricia Wexler, stated that JPMorgan Chase does not close accounts for political or religious reasons, and that decisions are based on legal and regulatory risk considerations. She also stated that the bank has advised current and past governments on relevant rules and supports efforts to prevent the banking system from being "weaponized."