President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and chief executive Jamie Dimon, accusing the bank of cutting off his access to financial services for political reasons and effectively “debanking” him after the Jan. 6, 2021, Capitol riot.
The complaint, filed Thursday in Florida state court in Miami, alleges that JPMorgan abruptly closed multiple accounts linked to Trump and his hospitality businesses in early 2021 after decades of doing business together and “hundreds of millions of dollars” in transactions.
As reported by multiple outlets including Fox and CNBC, Trump’s lawyer, Alejandro Brito, says the move “forever altered the dynamic of the parties’ relationship,” claiming the bank notified Trump on Feb. 19, 2021, that several accounts would be closed by April 19 of that year, without recourse or alternatives.
Trump’s legal team argues the closures were driven by politics, pointing to JPMorgan’s public code of conduct, which pledges to operate “with the highest level of integrity and ethical conduct” and to have “zero tolerance for unethical behavior.” The lawsuit contends that, despite those stated principles, the bank “unilaterally – and without warning or remedy – terminat[ed] several of Plaintiff’s bank accounts” and effectively blacklisted Trump, his companies and family members.
“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views,” the suit alleges. It further claims the bank’s actions are part of an “industry practice” in which financial institutions cut off services to customers whose political views diverge from their own.
JPMorgan strongly rejects that characterization. In a statement, spokesperson Patricia Wexler said, “While we regret President Trump has sued us, we believe the suit has no merit.” She added that “JPMC does not close accounts for political or religious reasons,” saying instead that accounts are shut when they “create legal or regulatory risk for the company.”
The bank says it has been pressing both the current and prior administration to ease rules that it argues can force institutions to exit certain clients, and that it supports efforts “to prevent the weaponization of the banking.”
The lawsuit accuses JPMorgan and Dimon of trade libel, violating Florida’s unfair and deceptive trade practices law, breach of the implied covenant of good faith and fair dealing, and seeks declaratory relief. Trump is demanding a jury trial.
The filing follows through on Trump’s public threat over the weekend to sue JPMorgan for “incorrectly and inappropriately DEBANKING” him after the Jan. 6 protest. In a fiery social media post, he reiterated assertions that the 2020 election was “RIGGED.”
It also comes on the heels of a separate lawsuit the Trump Organization filed in 2025 against Capital One over the closure of more than 300 accounts in 2021. Capital One has previously said it “has not and does not close customer accounts for political reasons.”
Trump’s clash with JPMorgan is unfolding against a broader political and regulatory debate over so-called debanking and banks’ obligations under know-your-customer, sanctions and anti–money laundering rules. In August, Trump signed an executive order directing banks to ensure they are not refusing services based on clients’ political or religious beliefs.
Dimon has previously pushed back on claims that JPMorgan targets conservatives or other clients based on ideology. “We don't debank people because of political or religious affiliations,” he told lawmakers in February, while also acknowledging that “rules and requirements are so onerous, and it does cause people to be debanked in my opinion.”
While Dimon has generally been able to stay in favor with President Trump during the first year of his second term in office, at one point even being reportedly in contention as the next Federal Reserve chair. But that's apparently changed as he's pushed back against the some of the Trump's current and proposed policies of late, including his administration's handling of immigration and his proposal to cap credit card rates.
“Are they here legally? Are they criminals? ... Did they break American law?” Dimon asked of the individuals getting caught up in the federal sweep since last year.
“We need these people,” he added. “They work in our hospitals and hotels and restaurants and agriculture, and they’re good people .… They should be treated that way.”
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