Trump is suing JPMorgan Chase for closing his accounts for political reasons, seeking $5 billion in damages.

US President Donald Trump filed a lawsuit on Thursday against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages and accusing the financial institution of closing his accounts for political reasons. The lawsuit, filed Thursday, alleges commercial defamation and a breach of implied contracts. It also claims Dimon violated Florida's Fraudulent Business Practices Act. JPMorgan Chase responded that it would not close accounts for political or religious reasons. Previously, Trump had repeatedly named JPMorgan Chase in his campaign to stop banks from refusing financial services to customers based on ideological reasons. The lawsuit states that approximately seven weeks after Trump supporters stormed the US Capitol on January 6, 2021, JPMorgan Chase closed accounts belonging to Trump and his businesses. At that time, Trump had already left office, and his political influence was relatively low. According to the lawsuit, JPMorgan Chase notified Trump of the account closure "without any warning or inducement," causing him significant financial and reputational damage. (Jinshi)