President Donald Trump's legal team has filed a lawsuit against JPMorgan Chase Bank, alleging that the bank closed his accounts due to the events of the Capitol breach in 2021.
Trump is seeking $5 billion in damages from the bank. In the lawsuit filed against JPMorgan and CEO Jamie Dimon, Trump's attorney argues that "the plaintiffs are confident that JPMorgan's unilateral decision was motivated by political and social reasons, and by baseless beliefs held by JPMorgan that it should distance itself from President Trump and his conservative political views," the complaint states.
It further reads: "Essentially, JPMorgan closed the plaintiffs' accounts because it believed that the political tide at that moment supported such a decision."
Trump's lawyer, Alejandro Brito, added, "Although JPMorgan claims it respects the principles of its code of conduct, it violated them by unilaterally closing several of the plaintiff's bank accounts without warning."
This past weekend, Trump announced he intends to sue the bank following the decision to close his accounts immediately after the Capitol breach in January 2021.
In response to the lawsuit, JPMorgan officials stated, "While we regret that President Trump has sued us, we believe the suit has no merit. We respect the President's right to sue us and our right to defend ourselves."
They further stated, "JPMorgan does not close accounts for political or religious reasons. We close accounts when they pose a legal or regulatory risk to the company. We regret having to do this, but often regulatory rules and expectations lead us to take such actions."