President Donald Trump has filed a $5B lawsuit in Florida state court against JPMorgan (JPM) Chase and CEO Jamie Dimon, alleging the bank debanked him and his hospitality companies for political reasons, Brooke Singman of Fox News reports. The complaint cites JPMorgan’s code of conduct, arguing the bank failed to uphold its stated commitment to integrity and ethical conduct. “We set high expectations and hold ourselves accountable. We do the right thing-not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior,” the lawsuit states, adding that “Despite claiming to hold these principles dear, JPMC violated them by unilaterally-and without warning or remedy-terminating several of Plaintiff’s bank accounts.”
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