JPMorgan (JPM) Discloses 2021 Closure of Trump Accounts in $5 Billion Lawsuit

JPMorgan Chase revealed it closed bank accounts belonging to former President Donald Trump and the Trump Organization in February 2021, according to documents filed on February 21. The disclosure forms part of a $5 billion lawsuit in which Trump alleges the bank unlawfully cut ties for political reasons. The termination letters, sent roughly one month after the January 6 Capitol attack, did not specify a cause but stated the client's interests were no longer served by the relationship. JPMorgan has labeled the lawsuit meritless and filed a motion to transfer the case from Miami to New York federal court.