Trump sues JPMorgan Chase for $5 billion over alleged debanking
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President Trump on Jan. 21 in Davos, Switzerland. Photo: Chip Somodevilla/Getty Images
President Trump on Thursday sued JPMorgan Chase and its CEO Jamie Dimon for up to $5 billion, alleging the bank improperly cut him off from its financial services.
Why it matters: Trump's attorney Alejandro Brito in Thursday's lawsuit claimed that JPMC's "woke beliefs" caused the company to distance itself from Trump and his "conservative political views," — an allegation Trump has maintained since the bank closed his accounts after the Jan. 6 Capitol riot.
- The complaint alleges that Trump and his various businesses were given 60 days' notice before the accounts were closed, and that JPMorgan failed to provide a reason for terminating them.
- Brito added that the plaintiffs suffered "considerable financial harm and losses" due to losing account access and having to transfer funds to another institution.
- He said that JPMC greatly benefited from its relationship with Trump and other plaintiffs until the company shut down all accounts in April 2021 without explanation.
Worth noting: Investment banking and research firm TD Cowen said Thursday it believes the most likely outcome is dismissal of the case.
- "Even if that does not happen, a settlement is more likely than a trial as we believe the focus of a trial would be on the inner workings of the company."
Catch up quick: The president had threatened to sue Chase in a Truth Social post made Jan. 18.
- Dimon on Wednesday slammed Trump's proposal to cap credit card interest rates, saying it would be an "economic disaster."
What they're saying: JPMorgan Chase told Axios it believes Trump's suit has "no merit," and will fight the allegations in court.
- "JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."
- "We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration's efforts to prevent the weaponization of the banking sector."
Go deeper: Jamie Dimon rips Trump's credit card interest cap pitch: "economic disaster"
Editor's note: This story was updated with additional details.
