In a major legal development, former President Donald Trump has launched a $5 billion lawsuit against JPMorgan Chase, accusing the banking giant of unlawfully terminating his accounts for political reasons in the aftermath of the Capitol riot. The suit, which also targets CEO Jamie Dimon, alleges that Trump and his businesses suffered significant financial and reputational damage due to the bank’s actions.
The lawsuit was filed in Miami, Florida, by Trump’s personal lawyer, Alejandro Brito, and claims that JPMorgan Chase closed Trump’s personal and business accounts abruptly in 2021, shortly after the January 6 insurrection. Trump asserts that the bank’s decision was driven by “unsubstantiated, ‘woke’ beliefs” and a desire to distance itself from his conservative political views, rather than legitimate banking concerns. This move, according to the complaint, represents a “systemic, subversive industry practice” aimed at coercing political alignment.
JPMorgan Chase has firmly denied the allegations, stating that the suit “has no merit.” A spokesperson emphasized that the bank does not close accounts based on political or religious affiliations but does so when accounts pose legal or regulatory risks. “We regret having to close accounts, but often rules and regulatory expectations lead us to do so,” the bank said in a response, highlighting the complex compliance landscape that financial institutions navigate.
The legal action is grounded in Florida state law, which prohibits banks from discriminating against clients for their political views. Trump’s filing further accuses JPMorgan of trade libel, alleging that the bank placed his name and those of his family members on a blacklist shared with other financial institutions. This, Trump claims, has exacerbated the harm by limiting his access to banking services across the industry.
This lawsuit is the latest chapter in the ongoing friction between Trump and Dimon, who has led JPMorgan for two decades. In recent weeks, Dimon has publicly criticized several of Trump’s policy proposals, including caps on credit-card interest rates and aspects of immigration policy. At the World Economic Forum in Davos, Dimon expressed concerns about the reliability of the U.S. under Trump’s administration, though he stopped short of endorsing the lawsuit’s claims.
The case sheds light on the broader issue of “debanking,” where banks sever ties with clients deemed high-risk or controversial. Trump has made this a priority, ordering reviews of banking practices and advocating against what he sees as political weaponization of financial services. Last month, U.S. regulators reported that some major banks had made “inappropriate distinctions” based on business activities, affecting sectors like oil and gas and private prisons.
As the lawsuit proceeds, it could set important precedents for how banks balance regulatory compliance with anti-discrimination laws. The outcome may influence future cases involving political figures and financial institutions, potentially reshaping industry standards. For now, both sides are preparing for a legal battle that could have far-reaching implications for business, politics, and free speech in the financial sector.
