Good morning. President Trump has sued JPMorgan Chase and Chief Executive Jamie Dimon for allegedly debanking him, demanding at least $5 billion over what his lawsuit describes as the “woke” decision, Risk Journal reports.

Trump, along with a number of associated companies, filed the lawsuit Thursday in Florida state court in Miami, accusing JPMorgan of bowing to political pressure when it closed several of his accounts in February 2021. The bank caused Trump “overwhelming financial and reputational harm” by closing the accounts for an “unlawful” reason, Trump’s personal lawyer Alejandro Brito wrote in the complaint.

• Banks in the crosshairs: Trump has repeatedly complained about banks’ allegedly cutting off politically disfavored persons and entities, especially conservatives, and in August signed an executive order telling federal agencies to take on the practice. Banks have said they don’t close accounts for political or religious reasons.
   
• Legal theory: Trump’s lawsuit accuses JPMorgan of violating a general consumer protection law and of libeling him. JPMorgan allegedly placed Trump on a banking industry blacklist, available to other financial institutions, at the direction of Jamie Dimon, according to the complaint.
   
• JPMorgan’s response: JPMorgan said it believes the suit is without merit and it will defend itself in court. The bank doesn’t close accounts for political or religious reasons, but does close accounts because they create legal or regulatory risk, it said. “We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support this administration’s efforts to prevent the weaponization of the banking sector,” JPMorgan said.

Why one big ship buyer wants shadow fleet tankers.

The world’s largest cash buyer of ships for scrap is setting its sights on the shadowy tankers that ferry illicit oil from Iran, Russia and Venezuela.

GMS filed a request this month with the Treasury Department’s Office of Foreign Assets Control for a license to buy sanctioned ships.

The company’s founder and chief executive, Anil Sharma, says if OFAC grants the license it will help the U.S. slash the size of the so-called shadow or dark fleet by allowing sanctioned vessel owners to exit the industry.

SEC looking to sidestep Indian government to serve fraud suit on Adanis.

The U.S. Securities and Exchange Commission is seeking to sidestep the Indian government to serve billionaire Gautam Adani and his nephew a summons to jump-start a stalled fraud suit.

In a request to a U.S. federal judge on Wednesday, the SEC said India’s Ministry of Law and Justice had twice declined SEC requests to serve the two Adanis with the lawsuit, which was filed in November 2024. The regulator said it doesn’t expect the Indian office to complete its request.

• Magnum Ice Cream said new independent members on Ben & Jerry’s board will be appointed, after a court filing showed its previous independent directors’ failure to sign a new code of conduct left their seats vacant.
   
• A Trump administration crackdown on foreign truck drivers threatens to take tens of thousands of truckers off the road.
   
• President Trump reiterated his desire for a credit-card interest rate cap this week. On paper, that’s a huge problem for issuers of plastic.

Also, WSJ Pro Sustainable Business’s Clara Hudson explains the chilling effect on renewable energy projects stemming from the Trump administration's attempts to halt offshore wind construction. James Rundle hosts.

You can listen to new episodes every Friday on Apple Podcasts, Spotify and Amazon.

Alarm over Trump’s Greenland threat gives way to uncertainty around future deal.

President Trump has stepped back from the brink on Greenland. The question now is what happens next.

After days of frenzied diplomacy, the U.S. president said on Wednesday that he had “formed a framework for a future deal” on Greenland and that he didn’t intend to use force to take control of the icebound island. But details were hazy, and European officials on Thursday seemed to be willing to talk about it only in vague terms, saying only that it would bolster security in the Arctic.

• At NATO’s HQ, Military Chiefs Tune Out Battle Over Greenland
• What Trump’s Greenland ‘TACO’ Means for Markets

The U.S. is actively seeking regime change in Cuba by the end of the year.

Emboldened by the U.S. ouster of Venezuelan President Nicolás Maduro, the Trump administration is searching for Cuban government insiders who can help cut a deal to push out the Communist regime by the end of the year, people familiar with the matter said.

The Trump administration has assessed that Cuba’s economy is close to collapse and that the government has never been this fragile after losing a vital benefactor in Maduro, these people said. Officials don’t have a concrete plan to end the Communist government that has held power on the Caribbean island for almost seven decades, but they see Maduro’s capture and subsequent concessions from his allies left behind as a blueprint and a warning for Cuba, senior U.S. officials said.

• President Trump touts his Board of Peace as an organization of accomplished leaders that will displace the United Nations, with him as permanent chairman. But so far it is a group of countries more interested in currying favor with him than in solving pressing conflicts.
   
• Washington is considering a complete withdrawal of American troops from Syria, U.S. officials said, as Syrian President Ahmed al-Sharaa moved to wrest control of the northeastern part of the country from an American-backed Kurdish-led militia.
   
• Trump has options in Iran, but none are likely to help protesters much.
   
• Natural-gas prices have jumped 63% this week in response to forecasts calling for some of the coldest, snowiest weather in years to freeze the country from the West Texas desert to the Great Lakes.

Trump administration pushes out key officials focused on China tech threat.

The Trump administration pushed out two officials focused on neutralizing technological threats from China, people familiar with the matter said, in the latest dismissals of key personnel working on national-security issues tied to Beijing.

The departures, from an office within the Commerce Department’s Bureau of Industry and Security, alarmed some U.S. officials and security hawks already concerned with what they described as the Trump administration’s softening stance toward China as trade talks between the two sides continue.

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• TikTok officially established a joint venture that would allow it to keep operating in the U.S., the company said Thursday, resolving a yearslong fight to address Washington’s national-security concerns.
   
• Oil boss Scott Sheffield has a new job: activist gunslinger.
   
• Democratic Sen. Amy Klobuchar of Minnesota is poised to jump into her state’s race for governor following the decision earlier this month by Gov. Tim Walz not to seek a third term in the wake of a welfare fraud scandal during his tenure.
   
• Silicon Valley is rallying around a new way to evaluate its cutting-edge AI models. It involves a pixelated 1990s videogame and a little monster named Pikachu.
   
• Venezuela's interim government unveiled a bill Thursday to loosen the state’s iron grip on its beleaguered oil industry, a move aimed at attracting U.S. energy companies but one that analysts say falls short of what is needed to unlock major new investments and revive output as President Trump has demanded.

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