Trump Files $5 Billion Lawsuit Against JPMorgan Chase Over Account Closures

President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, alleging that the bank terminated his and his businesses' accounts for political reasons following his departure from office in January 2021. The lawsuit, submitted in Miami-Dade County court, claims that in February 2021, JPMorgan abruptly closed multiple accounts with only 60 days' notice and no explanation, causing significant financial disruption and forcing Trump to seek alternative banking arrangements.

The suit alleges that JPMorgan's actions were politically motivated, stating, "JPMC debanked (Trump and his businesses) because it believed that the political tide at the moment favored doing so." Additionally, the lawsuit accuses the bank of placing Trump and his companies on a reputational "blacklist," potentially hindering their ability to establish banking relationships elsewhere.

In response, JPMorgan Chase issued a statement expressing regret over the lawsuit but asserting that the claims are without merit. "JPMC does not close accounts for political or religious reasons," a bank spokesperson said. "We do close accounts because they create legal or regulatory risk for the company."

This legal action follows a previous lawsuit filed by the Trump Organization against Capital One in March 2025 over similar allegations of "debanking." The issue of banks terminating services based on "reputational risk" has become a contentious topic, particularly among conservative figures, especially after the events of January 6, 2021. The current administration has since moved to prevent banks from using "reputational risk" as a justification for denying services to customers.