President Trump sues JPMorgan Chase and CEO Jamie Dimon for $5B over alleged debanking
WASHINGTON, DC: President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase & Co and its CEO Jamie Dimon, alleging that the bank improperly closed his accounts for political reasons.
The lawsuit, filed on Thursday, January 22, in Miami-Dade County state court, accused the nation’s largest bank of violating Florida law by denying banking services based on political beliefs.
JPMorgan denied the allegations, saying its decisions were based on legal and regulatory considerations. The case adds to a growing series of legal actions by Trump targeting major institutions he accuses of political discrimination.
Trump alleges account closures violated Florida law
According to the complaint, JPMorgan notified Trump and several of his businesses in February 2021 that their accounts would be closed within 60 days.
The lawsuit claimed that Trump held “several” accounts at the bank and that their termination amounted to trade libel and a breach of the implied covenant of good faith and fair dealing. It also alleged that Dimon violated Florida’s deceptive trade practices law.
Trump’s legal team argued that JPMorgan’s actions ran afoul of Florida statutes that prohibited financial institutions from terminating accounts based on an individual’s political beliefs.
“Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America, and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga,” the complaint stated.
The lawsuit further alleged that Trump, his family and affiliated businesses were placed on a JPMorgan “blacklist” that prevented them from opening or maintaining wealth management accounts.
The complaint claimed that this designation, which it said was authorized by Dimon, contributed to other banks declining to do business with Trump and the other plaintiffs.
The timing of the account closures followed the January 6, 2021, attack on the US Capitol, after which Trump faced multiple criminal indictments.
The lawsuit contended that JPMorgan failed to provide a clear justification for its actions and that Trump later learned the closures were politically motivated.
The filing also situated the case within Trump’s broader opposition to what he called the “weaponization” of the banking sector.
His administration sought to ease banking regulations to make it more difficult for institutions to close customer accounts, including through an executive order signed last year aimed at ending “politicized or unlawful debanking activities.”
JPMorgan denies political motives and vows to fight lawsuit
JPMorgan Chase rejected Trump’s claims, saying the lawsuit lacked merit and that the bank did not close accounts for political or religious reasons.
“While we regret President Trump has sued us, we believe the suit has no merit,” a JPMorgan spokesperson said. “We respect the president’s right to sue us and our right to defend ourselves, that’s what courts are for.”
The bank said that its account closures were driven by legal and regulatory obligations rather than ideology.
“We do close accounts because they create legal or regulatory risk for the company,” the spokesperson said, adding that JPMorgan urged both the current and previous administrations to change regulations that put banks in such positions.
Dimon, one of the most influential figures on Wall Street, has at times been critical of Trump, including his recent remarks at the World Economic Forum in Davos.
There, he criticized aspects of the administration’s immigration policies. He also disagreed with some Trump proposals, such as a cap on credit card interest rates, which he said could restrict access to credit.
