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U.S. President Donald Trump has filed a high-profile lawsuit against JPMorgan Chase & Co. and its CEO Jamie Dimon, seeking at least $5 billion in damages over claims that the banking giant illegally terminated his accounts for political reasons. The complaint was filed Thursday in Miami-Dade County, Florida, and marks Trump’s most significant legal action so far in his renewed campaign against what he describes as politically motivated “debanking” by major financial institutions.
According to the lawsuit, JPMorgan abruptly ended banking services for Trump, his companies, and related entities without advance notice. Trump’s legal team argues that the move caused substantial financial and reputational harm. The filing alleges trade libel, breach of the implied covenant of good faith and fair dealing, and violations of Florida’s Deceptive and Unfair Trade Practices Act (FDUTPA).
The complaint states that JPMorgan closed Trump-related accounts roughly seven weeks after the January 6, 2021 U.S. Capitol riot. Trump claims the decision was not based on financial or risk considerations, but rather on the bank’s desire to distance itself from him due to his conservative political views at the time. The lawsuit further alleges that JPMorgan effectively blacklisted Trump, the Trump Organization, and members of his family, denying them access to wealth management and other financial services.
The legal action follows recent reports suggesting Trump was preparing to sue JPMorgan over the same allegations, reinforcing his broader argument that conservative figures are unfairly targeted by large banks.
JPMorgan Chase has firmly denied the accusations. In statements cited by Bloomberg, the bank said it does not close accounts based on political or religious beliefs. JPMorgan maintains that account terminations are sometimes necessary due to legal, regulatory, or compliance risks, particularly when regulatory expectations evolve.
The case also draws attention to previous claims of debanking involving crypto industry figures. Lawmakers and crypto executives, including Senator Cynthia Lummis and Gemini co-founder Tyler Winklevoss, have previously accused JPMorgan of limiting or denying services to prominent Bitcoin and cryptocurrency advocates. The outcome of Trump’s lawsuit could have broader implications for banking practices, political neutrality, and financial access in the United States.
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