U.S. President Donald Trump has filed a lawsuit seeking $5 billion (about Ksh.645 billion) against JPMorgan Chase and its CEO Jamie Dimon, accusing the bank of unlawfully closing accounts linked to him and his businesses.
The suit, filed in a Florida court, alleges that the account closures followed the January 6, 2021 Capitol unrest and were driven by political bias rather than standard banking risk procedures. Trump claims the move caused financial and reputational damage and disrupted his business operations.
JPMorgan has denied the allegations, stating it does not make banking decisions based on political views and that any account closures are carried out in line with legal and regulatory requirements.
The case has reignited debate over “debanking,” a controversial issue where individuals claim financial institutions deny services due to political considerations.
