Trump vs. JPMorgan: A $5 Billion Political Showdown

Former U.S. President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, alleging the bank closed his accounts due to political motivations. JPMorgan denied the accusations, while Trump claimed a blacklist was created to deter others from associating with him. The case highlights ongoing debanking scrutiny.

Former U.S. President Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. Trump's filing accuses the bank of 'debanking' by closing several of his accounts to serve a political agenda. The lawsuit, lodged in a Florida state court, claims the bank violated its own policies by targeting Trump.

JPMorgan Chase has denied closing accounts for political reasons and stated the lawsuit lacks merit. Trump has criticized other banks, like Bank of America, for alleged debanking, and recently called for a 10% cap on credit card interest rates. Industry leaders, including Dimon, warn such caps could limit credit access and harm the economy.

The debanking issue has intensified, with banks facing scrutiny over claims they discriminate against certain industries, including firearms and fossil fuels. A regulator noted large banks have restricted services to specific sectors, though banks argue these policies align with environmental, social, and governance goals.

(With inputs from agencies.)