Former US President Donald Trump has initiated a high-stakes $5 billion legal action against banking giant JPMorgan Chase, alleging the institution engaged in politically motivated de-banking practices. The lawsuit, which names both the financial behemoth and its prominent CEO Jamie Dimon, was formally lodged in a Florida state court on Thursday.
Legal Action Filed in Miami
Attorney Alejandro Brito, representing Trump and his associated hospitality companies, submitted the filing at the Miami courthouse. The legal documents present a detailed account of the alleged actions taken by JPMorgan Chase against Trump's financial interests.
Allegations of Sudden Account Closures
The core of the lawsuit centres on events that unfolded in early 2021. According to the court filing, on February 19, 2021, JPMorgan Chase provided notification that multiple bank accounts held by Trump and his business entities would be terminated. This decision, described as being made "without warning or provocation", gave the former president's organisations just a two-month window before the accounts were officially closed on April 19, 2021.
The legal action asserts that this move constituted a deliberate act of de-banking driven by political considerations rather than standard banking procedures. The $5 billion claim represents one of the most substantial financial lawsuits involving a former US president and a major financial institution in recent history.
This developing story continues to unfold, with further updates expected as the legal proceedings advance through the Florida court system. The case raises significant questions about the intersection of financial services, corporate decision-making, and political relationships in contemporary America.
