Donald Trump has filed a civil lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, alleging that the bank unlawfully closed his accounts for political reasons after he left office in early 2021.
The lawsuit, filed in Miami-Dade County, Florida, seeks at least $5 billion in damages. Trump claims JPMorgan abruptly closed several personal and business accounts in February 2021, giving only 60 days’ notice and providing no clear explanation. The filing states these closures disrupted business operations and required Trump and his companies to quickly transfer funds and establish new banking relationships.
Trump’s legal team asserts the bank acted to distance itself from him due to the prevailing political climate. The suit contends this decision cut off access to millions of dollars and caused operational harm to Trump and his businesses.
The case centers on “debanking,” which refers to financial institutions closing accounts or denying services such as loans or payment processing. Previously a niche issue, debanking has become a prominent political topic. Conservative leaders argue that banks unfairly deny services based on political views, often citing “reputational risk.” After the January 6, 2021, attack on the U.S. Capitol, several prominent figures claimed that banks reduced or ended services to avoid public or regulatory backlash. Since returning to the office, Trump has pushed banking regulators to limit the use of “reputational risk” as a justification for denying customers access to financial services.
The lawsuit also accuses JPMorgan of trade libel and alleges that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. Trump’s lawyers describe the bank’s actions as part of a broader industry pattern that pressures customers based on political alignment.
JPMorgan Chase has denied the allegations. A spokesperson stated the company regrets the lawsuit but believes it lacks legal merit. The bank maintains that account closures are not based on political or religious views, but occur when accounts pose legal or regulatory risks.
The case is expected to draw significant attention, as it involves the intersection of politics, finance, and corporate risk management. This issue will likely remain in focus as regulators and courts consider the limits of banks’ discretion in selecting customers.
