Trump Sues JPMorgan, Dimon for $5B Over 'Debanking'

President Donald Trump filed a lawsuit Wednesday seeking at least $5 billion from JPMorgan Chase & Co. and CEO Jamie Dimon, accusing the bank of cutting off his long-standing accounts for political reasons.

The suit, filed in Miami-Dade County state court, alleges trade libel, breach of good faith, and violations of Florida’s Unfair and Deceptive Trade Practices Act.

Trump has said the bank gave him just 20 days to close accounts he held for decades, a move he claims reflects ideological discrimination.

JPMorgan expressed regret over the lawsuit, stating that it believes the suit has no merit. The bank has denied rejecting customers on political grounds.

“While we regret President Trump has sued us, we believe the suit has no merit,” a JPMorgan Chase spokesperson said in a statement. “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.

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