Former U.S. President Donald Trump has initiated legal proceedings against banking giant JPMorgan Chase and its Chief Executive Officer Jamie Dimon, alleging the institution terminated his financial accounts and those of associated entities for political motivations. The lawsuit, lodged in a Miami state court within Florida’s jurisdiction, seeks substantial civil compensation exceeding $5 billion, according to regional media coverage.
The legal action stems from the bank’s decision in February 2021 to sever banking relationships with Trump-affiliated accounts. This development occurred shortly after the January 6 Capitol unrest, during which supporters of the former president stormed the legislative building. The court documents contend that JPMorgan Chase acted upon ‘political and social motivations’ and what it describes as ‘unsubstantiated, woke beliefs,’ suggesting the bank sought to distance itself from Trump’s conservative ideology amid shifting political currents.
Additionally, the litigation accuses the financial institution of unlawfully publishing the names of Trump, the Trump Organization, its affiliated entities, and family members on a purported blacklist under Dimon’s directive. The allegations include claims of trade libel, breach of the implied covenant of good faith and fair dealing, and violations of Florida’s Unfair and Deceptive Trade Practices Act.
In a formal rebuttal, JPMorgan Chase dismissed the lawsuit as without merit. Bank spokesperson Patricia Wexler emphasized that the institution does not close accounts based on political or religious affiliations. Instead, account terminations occur when accounts present legal or regulatory risks to the company. Wexler expressed regret over such necessary actions, citing compliance with rules and regulatory expectations, while simultaneously endorsing administrative efforts to prevent the weaponization of banking services.