Donald Trump Sues JPMorgan Chase and Jamie Dimon for $5 Billion

U.S. President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase (JPM.N), opens new tab and its CEO Jamie Dimon on Thursday, accusing them of debanking him by closing several of his accounts to further a political agenda.

The lawsuit, filed in a Florida state court in Miami-Dade County, accused the largest U.S. bank of violating its own policies by singling out Trump to ride the “political tide."

JPMorgan denied that it closes accounts for political or religious reasons.

“While we regret President Trump has sued us, we believe the suit has no merit," it said. “We respect the President’s right to sue us and our right to defend ourselves."