United States President Donald Trump has initiated a $5 billion (£3.7 billion) lawsuit against JPMorgan Chase, the nation’s largest bank. The legal action, which also names the bank’s Chief Executive Jamie Dimon, accuses the institution of illegally closing his accounts based on political motivations.
Allegations of Financial and Reputational Harm
The lawsuit alleges that the former president and his businesses suffered “considerable financial and reputational harm” following the bank’s decision to abruptly terminate their accounts in 2021.
The move by JPMorgan Chase occurred shortly after the January 6, 2021, riot at the U.S. Capitol, an event where Trump supporters gathered to disrupt the formal ratification of the election results.
The Bank’s Official Response
JPMorgan Chase has firmly denied the allegations of political bias. In a statement addressing the legal filing, a spokesperson for the bank asserted that the suit “has no merit.”
Key points from the bank’s defense include:
- Non-Political Stance: The bank maintains that it does not close accounts for political or religious reasons.
- Risk Management: The institution stated that accounts are closed when they create “legal or regulatory risk” for the company.
Case Overview
- Plaintiff: Donald Trump
- Defendants: JPMorgan Chase & Co. and Jamie Dimon (CEO)
- Claim Amount: $5 Billion (£3.7 Billion)
- Central Allegation: Illegal account closure for political reasons resulting in financial damage.
Source: African Publicity
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