Trump sues JPMorgan Chase over accounts closure

U.S. President Donald Trump on Thursday filed a lawsuit against JPMorgan Chase (JPMC) and CEO Jamie Dimon, alleging his accounts were closed in 2021 for political reasons.

The lawsuit, filed in a state court in Miami, Florida, is seeking at least 5 billion U.S. dollars in civil damages, local media reported.

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Trump sues JPMorgan Chase over accounts closure

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Trump sues JPMorgan Chase over accounts closure

The closures came after the riot on Jan. 6, 2021 by Trump supporters at the U.S. Capitol.

"Plaintiffs are confident that JPMC's unilateral decision came about as a result of political and social motivations, and JPMC's unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views," the lawsuit states. "In essence, JPMC debanked Plaintiffs' Accounts because it believed that the political tide at the moment favored doing so,"it added.

The lawsuit also alleges that JPMC, at the direction of Dimon, "has unlawfully and unjustifiably published some or all of their names, including the names of President Trump, the Trump Organization with its affiliated entities, and/or the Trump family, on a blacklist."

It alleges trade libel and breach of implied covenant of good faith and fair dealing by JPMorgan, and violations of Florida's Unfair and Deceptive Trade Practices Act by Dimon.

In response, JPMorgan said in a statement that the lawsuit has no merit.

"We respect the President's right to sue us and our right to defend ourselves," said Patricia Wexler, the bank's spokesperson. "JPMC does not close accounts for political or religious reasons,"she said.

"We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so," Wexler said.

"We support the Administration's efforts to prevent the weaponization of the banking,"she added.

Italy has imposed jet fuel restrictions at several airports amid limited supplies impacted by escalating tensions in the Middle East since the United States and Israel launched joint strikes on Iran starting Feb 28.

Fuel restrictions for flights have been introduced at the airports of Milan Linate, Bologna, Venice, and Treviso. According to a notice from the Italian subsidiary of British Petroleum (BP), which supplies fuel at airports, priority will be given to medical flights, government official flights and flights lasting more than three hours.

The restrictions are set to run from April 2 to April 9.