"While we regret President Trump has sued us, we believe the suit has no merit," a JPMorgan Chase spokesperson said. "We respect the President’s right to sue us and our right to defend ourselves - that’s what courts are for."
The suit accuses the bank of libel and breach of implied covenant of good faith and fair dealing. It also says the bank and its chief executive violated Florida trade practices laws.
The suit says Trump held "several" accounts at the firm which were closed.
On Feb. 19, 2021, shortly after the Jan. 6 Capitol Hill riot, the bank notified Trump that the accounts would be closed within two months, the suit also says.
The lawsuit adds to a still-growing list of legal efforts from Trump directed at a wide variety of institutions — from media outlets to tech platforms — many of which have resulted in multimillion-dollar settlements. The president’s company, the Trump Organization, sued Capital One Bank last year over allegations of improper account closures. Capital One said at the time that the allegations have no merit.
Dimon, as head of JPMorgan Chase, the nation's largest bank, is among the most influential people in the business world and someone who has been courted for years by Republicans and Democrats. In the run-up to the 2024 election, Trump falsely claimed that Dimon had endorsed him.
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