US President Donald Trump filed a $5 billion lawsuit against JPMorgan and CEO Jamie Dimon on Thursday for alleged politically motivated debanking.
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The president accused the lender of closing his accounts on accounts of furthering a political agenda, which JPMorgan has denied.
Trump alleged JPMorgan violated its own policies by shutting his accounts and accounts belonging to his hospitality companies.
JPMorgan denied the allegations of debanking to Reuters: “While we regret 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.”
Trump also accused Dimon of creating a “blacklist” for other banks against lending to his companies and the Trump family.
JPMorgan stated that it often closes accounts that could violate rules and regulatory expectations of the company.