(Bloomberg) – President Donald Trump sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, for at least $5 billion over allegations that the lender stopped offering him and his businesses banking services for political reasons.
The complaint, filed Thursday, accuses the bank of trade libel and breach of implied covenant of good faith. It also claims Dimon violated Florida’s deceptive trade practices law. In response, the bank said it doesn’t close accounts for political or religious reasons.
Just a shakedown in hopes of a settlement. And JPM will probably cave instead of letting it go to court. Which is stupid, because if you let him have money now, he will just come back for more later. Blackmailers never stop.