President Donald Trump has filed a $5bn (£3.7bn) lawsuit against America’s biggest bank JPMorgan Chase, accusing it of illegally closing his accounts for political reasons
The lawsuit, which also names the bank’s chief executive Jamie Dimon, alleges that Trump and his businesses suffered “considerable financial and reputational harm” after the bank abruptly closed their accounts in 2021.
The bank moved to close the accounts after the 6 January, 2021 riot when Trump supporters descended on the US Capitol to disrupt formal ratification of the election results.
A JPMorgan Chase spokesperson said “the suit has no merit”.” “JPMC does not close accounts for political or religious reasons.”
“We do close accounts because they create legal or regulatory risk for the company,” the bank added in a statement.
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