Former President Donald Trump has initiated a $5 billion legal action against JPMorgan Chase, the United States’ largest financial institution, alleging the bank unlawfully terminated his accounts for politically motivated reasons. The lawsuit, filed in Florida, names both the corporation and its longstanding Chief Executive Jamie Dimon as defendants.
The legal complaint asserts that JPMorgan Chase inflicted “considerable financial and reputational harm” upon Trump and his business enterprises when it abruptly discontinued their banking relationships in 2021. This action occurred shortly after the January 6th Capitol riot, during which Trump supporters violently disrupted the congressional certification of presidential election results.
Trump’s legal team contends the account closures represented a “key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.” The filing specifically alleges the bank acted upon “unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
Additionally, the lawsuit accuses JPMorgan of trade libel for allegedly placing Trump’s name and those of his associated businesses and family members on a shared “blacklist” identifying individuals with histories of “malfeasant” activity—a measure reportedly authorized personally by Dimon.
JPMorgan Chase has vigorously denied these allegations, with a spokesperson stating “the suit has no merit” and emphasizing that “JPMC does not close accounts for political or religious reasons.” The bank clarified that account termination decisions stem from assessments of “legal or regulatory risk for the company,” citing existing “rules and regulatory expectations” that compel such actions.
The financial institution expressed support for administrative efforts “to prevent the weaponisation of the banking sector” while noting it has petitioned multiple administrations to modify regulations that create these contentious situations.
This legal confrontation represents the latest escalation in tensions between Trump and Dimon, who has recently criticized several administration policies including proposed credit card regulations, immigration approaches, and posturing toward the Federal Reserve.
The lawsuit emerges amid broader regulatory scrutiny concerning ‘debanking’ practices. Last month, federal regulators identified nine major banks that had made “inappropriate distinctions” among customers based on business activities, particularly affecting sectors including oil and gas, private prisons, and adult entertainment.