Trump sues JPMorgan Chase for $5bn in debanking row

Donald Trump has filed a $5bn (£3.7bn) suit against JPMorgan Chase (JPMC), accusing it of debanking him and his concern empire aft his archetypal word successful the White House ended.

The US president claims America's largest slope by assets and its main enforcement Jamie Dimon closed a fig of idiosyncratic and concern accounts successful February 2021, with 60 days' notice, for governmental reasons.

The slope has denied this was the case.

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Mr Trump argues that helium and his concern interests were chopped disconnected from millions of dollars and suffered disruption arsenic they scrambled to unfastened slope accounts elsewhere.

According to Fox Business, the companies allegedly affected were a fig of his interests successful the hospitality sector.

The lawsuit, filed successful Miami-Dade County tribunal successful Florida, relates to the clip of the handover of powerfulness to Joe Biden pursuing the 2020 predetermination effect that Mr Trump maintained had been rigged.

The disputed predetermination culminated successful the alleged Capitol riot of 6 January.

"JPMC debanked (Trump and his businesses) due to the fact that it believed that the governmental tide astatine the infinitesimal favored doing so," the suit claims.

In a statement, JPMorgan said it regretted the information that Mr Trump had brought the enactment but a spokesperson added: "We judge the suit has nary merit.

"JPMC does not adjacent accounts for governmental oregon spiritual reasons. We bash adjacent accounts due to the fact that they make ineligible oregon regulatory hazard for the company."

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The debanking lawsuit has echoes of a abstracted enactment successful the UK betwixt the Reform UK person Nigel Farage and NatWest successful 2023 implicit the closure of his accounts astatine Coutts, owned by the bank.

A settlement was agreed astir 2 years later, averting planned civilian enactment by Mr Farage.

Mr Trump has besides brought a $10bn defamation case, again successful Florida, against the BBC implicit the broadcaster's editing of a code helium made connected the time of the Capitol protests.