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US President Donald Trump is suing JPMorgan Chase & Co (JPMC) and its CEO Jamie Dimon for at least $5 billion\u00a0(around R80.7 billion)\u00a0over allegations that the lender stopped offering him and his businesses banking services for political reasons.<\/p>\n
The complaint, filed in Miami-Dade County state court on Thursday, accuses the bank of trade libel and breach of implied covenant of good faith and fair dealing.<\/p>\n
It also says Dimon violated Florida\u2019s deceptive trade practices law.\u00a0The bank said it doesn\u2019t close accounts for political or religious reasons.<\/p>\n
Trump has singled out JPMorgan repeatedly in his push to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons.<\/p>\n
The biggest US bank disclosed in November that it is facing reviews, investigations and legal proceedings tied to the Trump administration\u2019s fight against \u201cdebanking\u201d.<\/p>\n
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\nSeparately, the Trump Organisation has already sued Capital One Financial Corp over similar allegations.<\/p>\n<\/blockquote>\n
\u201cDebanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America \u2013 and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga,\u201d according to a copy of the complaint reviewed by Bloomberg.<\/p>\n
The lawsuit couldn\u2019t immediately be found in court records.\u00a0The bank said in a statement that the suit has no merit.<\/p>\n
\n\u201cWe do close accounts because they create legal or regulatory risk for the company,\u201d JPMorgan said.<\/p>\n
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\u201cWe regret having to do so but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration\u2019s efforts to prevent the weaponisation of the banking sector.\u201d<\/p>\n
Listen\/read: Dimon is worried, but is\u00a0Europe a valid alternative?<\/div>\nFlorida bars financial institutions from ending their banking relationship with an individual or business \u201cbased on their political opinions, speech or affiliations\u201d, Trump\u2019s lawyers said in the complaint.<\/p>\n
The White House didn\u2019t immediately return a call seeking comment.<\/p>\n
\u00a9\u00a02026\u00a0Bloomberg L.P.<\/p>\n
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