What specific Florida law does Trump claim JPMorgan violated?

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Trump Alleges Violation of Florida's Unfair Trade Practices Statute by JPMorgan Chase

Donald Trump's lawsuit against JPMorgan Chase asserts that the bank violated Florida law by barring unfair trade practices and acting in bad faith when it closed his business accounts. The suit further claims that the publication of a blacklist by JPMorgan constituted trade libel under Florida law, causing significant financial and reputational damage to his businesses. JPMorgan has denied these allegations, stating that the lawsuit lacks merit and that account closures are undertaken to mitigate legal or regulatory risks.
Allegation of Unfair Trade Practices and Bad Faith

Trump's legal team contends that JPMorgan Chase's decision to close accounts belonging to several of his businesses, after decades of patronage, was politically motivated. The lawsuit specifically alleges that this action constitutes a violation of Florida statutes prohibiting unfair trade practices and demonstrates bad faith on the part of the bank. While banking agreements typically grant banks broad discretion in account closures without requiring a stated reason, legal experts suggest that terminating an account based on a customer's political viewpoint would likely be deemed impermissible, unless those views posed an extreme risk to the bank's trustworthiness.
Trade Libel Claim Stemming from Alleged Blacklist

A significant component of Trump's lawsuit is the accusation that JPMorgan CEO Jamie Dimon orchestrated a malicious "blacklist" intended to warn other financial institutions against engaging with the Trump Organization, its family members, or Donald Trump himself. Trump asserts that the inclusion of his business accounts on such a list, particularly when they were in good standing, amounts to trade libel under Florida law. This claim hinges on the existence of this blacklist and whether JPMorgan made disparaging and false statements about Trump and his businesses to other banks, a scenario that legal experts note typically involves a defendant seeking a competitive advantage by disparaging a plaintiff's product.
Legal Avenues and Potential Outcomes

The case, filed in Florida state court, may see JPMorgan attempt to transfer it to federal court, a common strategy for corporate defendants seeking appointed judges rather than elected ones. A key challenge for Trump will be proving that the account closures were indeed driven by his political viewpoints, as banks generally do not need to provide reasons for terminating customer relationships. If the case proceeds past initial dismissal attempts, it could lead to extensive discovery, including demands for internal bank documents and access to employees. JPMorgan's position as a heavily regulated entity might also increase pressure to settle if the case cannot be dismissed, with potential damages assessed based on the disruption caused to Trump's businesses in finding alternative financial services.

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What specific Florida law does Trump claim JPMorgan violated?

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