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.

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.

Trump sues JPMorgan Chase over accounts closure

Trump sues JPMorgan Chase over accounts closure

Trump sues JPMorgan Chase over accounts closure

Trump sues JPMorgan Chase over accounts closure

The closing ceremony of a study session for provincial and ministerial leaders was held in Beijing on Friday, when the high-ranking officials were urged to make all-out efforts to advance this year's economic and social development work and kick off the 15th Five-Year Plan period (2026-2030) with a sound start.

Cai Qi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and a member of the CPC Central Committee Secretariat, made the requirement while addressing the closing ceremony.

The study session was held this week for the officials to study and implement the guiding principles of the fourth plenary session of the 20th CPC Central Committee.

Stressing the importance of a speech delivered by Xi Jinping, general secretary of the CPC Central Committee, at the opening ceremony of the study session, Cai urged the officials to maintain strategic resolve, strengthen confidence in victory, actively take responsibility, and strive to turn the grand blueprint into reality. 　　 During the study session, the officials had in-depth discussions and combined theory with practice, further deepening their understanding of the guiding principles of the fourth plenary session of the 20th CPC Central Committee. 　　 Cai urged the officials to make good use of the outcomes of the study session and turn what they have learned into concrete results in their work.

Study session for provincial officials concludes