JPMorgan vs. Trump: A $5 Billion Legal Battle Unfolds

JPMorgan Chase closed accounts held by Donald Trump and his businesses in February 2021. The closure is now part of a $5 billion lawsuit filed by Trump against the bank and its CEO, Jamie Dimon. Trump’s legal team claims the closure was politically motivated and caused financial harm.

In February 2021, JPMorgan Chase informed former President Donald Trump and his businesses that their accounts would be closed. This has escalated into a $5 billion lawsuit filed by Trump, accusing the bank, led by CEO Jamie Dimon, of politically motivated actions.

After the January 6 attack on the U.S. Capitol, several businesses, including two law firms and the PGA of America, cut ties with Trump. JPMorgan did not specify reasons for its decision, mentioning only that client relationships sometimes no longer serve their interests.

Trump claims JPMorgan unlawfully targeted him, violating its policies. The account closure letters were submitted in court as the bank seeks to move the lawsuit to New York, citing stronger connections there.

(With inputs from agencies.)