US President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, accusing the banking giant of illegally shutting down his accounts for political reasons following the January 6, 2021 Capitol riot.
The lawsuit, filed in Florida, also names JPMorgan chief executive Jamie Dimon and claims Trump and his businesses suffered serious financial and reputational damage after their accounts were abruptly closed in 2021. Florida law prohibits banks from discriminating against clients based on political beliefs, a provision Trump is relying on in the case.
JPMorgan moved to end its relationship with Trump shortly after the Capitol riot, when his supporters stormed the US Capitol in an attempt to block the certification of the 2020 presidential election results. The bank has maintained that the decision was driven by regulatory and legal risk, not politics.
In a statement, JPMorgan dismissed the lawsuit as baseless. The bank said it does not close accounts due to political or religious views, but rather when accounts pose compliance or regulatory concerns. It added that it often regrets having to take such actions but is bound by existing rules.
According to the lawsuit, Trump argues the account closures were part of a broader effort by major financial institutions to pressure individuals and businesses into aligning with certain political views. The filing alleges JPMorgan acted on what it describes as unproven ideological beliefs and sought to distance itself from Trump during a politically sensitive period.
Trump also accuses the bank of trade libel, claiming it placed him, his businesses and family members on an internal “blacklist” that was allegedly shared with other financial institutions. The list was reportedly used to flag individuals considered high-risk, a move Trump says unfairly damaged his ability to conduct business.
The legal action marks the latest escalation in a long-running feud between Trump and Dimon, who has recently criticised government policies on credit card regulation, immigration and the Federal Reserve.
The lawsuit comes amid renewed scrutiny of “debanking” practices in the US. Regulators recently found that several major banks had made questionable distinctions among customers based on industry type, reigniting debate over fairness, regulation and political influence in the banking sector.
