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President Donald Trump sued JPMorgan Chase and its CEO, Jamie Dimon, on Thursday, alleging the banking giant cut off him and his businesses for political reasons after he left office in January 2021, a move Trump says caused millions of dollars in damages and disrupted his operations.
The $5 billion lawsuit, filed in Miami-Dade County court, claims JPMorgan abruptly closed multiple accounts linked to Trump and his companies in February 2021, giving just 60 days’ notice and no explanation. Trump alleges the decision forced him and his businesses to scramble to open accounts elsewhere and deprived them of access to substantial funds.
“JPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so,” Trump’s lawyers wrote in the complaint.
JPMorgan said in a statement that it believes the lawsuit has no merit.
Background of the dispute
According to the lawsuit, JPMorgan began winding down Trump-related accounts shortly after the Jan. 6, 2021, attack on the U.S. Capitol, a period when banks across the country reassessed clients they viewed as posing legal or regulatory risk.
Trump alleges that the account closures came without warning or justification and amounted to an effort to punish him politically after he left office.
The complaint says Trump personally raised the issue with Dimon, who allegedly assured him he would look into the matter. Trump claims Dimon never followed up. The lawsuit further alleges JPMorgan placed Trump and his businesses on a reputational “blacklist” that the bank — and other financial institutions — use to deny services to certain customers.
Legal arguments
Trump accuses JPMorgan of trade libel and alleges Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. The lawsuit claims the bank’s actions reflect a broader, coordinated effort within the financial industry to suppress political views through denial of basic banking services.
“JPMC’s conduct … is a key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views,” Trump’s attorneys wrote.
The complaint seeks $5 billion in damages.
JPMorgan rejected the accusations, saying it does not close accounts for political or religious reasons.
“We do close accounts because they create legal or regulatory risk for the company,” a bank spokesperson said. “JPMC does not close accounts for political or religious reasons.”
Government and industry response
The lawsuit comes amid heightened tensions between the Trump administration and major financial institutions. Trump threatened to sue JPMorgan last week as he renewed calls to cap credit card interest rates at 10% as part of his broader push to lower consumer costs.
JPMorgan is one of the nation’s largest credit card issuers, and a bank official previously said the company would fight any effort by the White House or Congress to impose rate caps. Banking executives have also pushed back against Trump’s criticism of the Federal Reserve’s independence.
Since returning to office, Trump’s banking regulators have taken steps to prohibit banks from citing “reputational risk” as a justification for denying services to customers, a policy shift applauded by conservative lawmakers.
Broader context: ‘Debanking’ and politics
Debanking — the practice of closing accounts or refusing services to customers — has become a politically charged issue in recent years. Conservatives have long argued that banks discriminate against them and affiliated organizations.
The issue gained national attention during the Obama administration, when Republicans accused regulators of pressuring banks to cut off gun stores and payday lenders under a Justice Department initiative known as “Operation Choke Point.”
After Jan. 6, Trump and other conservative figures alleged that banks used vague reputational concerns to sever ties with them. Financial institutions have countered that such decisions are driven by compliance, legal exposure and regulatory scrutiny.
Next steps
JPMorgan has not yet filed a formal response in court, and the case is expected to face aggressive legal challenges. The outcome could have significant implications for how banks manage political risk — and for Trump’s escalating confrontation with Wall Street.
For now, the lawsuit adds a new front to Trump’s broader effort to reshape financial regulation and challenge what he and his allies see as political bias within major institutions.
