Trump Files $5 Billion Lawsuit Against JPMorgan Chase and CEO Jamie Dimon
In a significant legal move, former President Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. The lawsuit, filed on Thursday in Miami-Dade County court, alleges that the financial institution ceased its banking services for Trump and his enterprises for political reasons following his departure from the presidency in January 2021.
The lawsuit claims that in February 2021, JPMorgan terminated several accounts belonging to Trump with a mere 60 days’ notice and without any clarification. This action, according to Trump, severed access to substantial funds, disrupted business operations, and necessitated the swift establishment of new banking relationships. “JPMC debanked (Trump and his businesses) because it believed that the political tide at the moment favored doing so,” the lawsuit asserts.
Trump contends that he personally approached Dimon to address the account closures, receiving assurances from the CEO to resolve the matter. However, the lawsuit alleges that Dimon did not follow through. Furthermore, Trump’s legal team claims that JPMorgan placed him and his businesses on a reputational “blacklist,” a tool that reportedly prevents clients from securing banking services both at JPMorgan and potentially other banks.
JPMorgan, in response, stated that the lawsuit is without merit. “JPMC does not close accounts for political or religious reasons,” a spokesperson said. “We do close accounts because they create legal or regulatory risk for the company.”
The lawsuit’s timing coincides with heightened friction between the White House and Wall Street. Trump had recently proposed capping credit card interest rates at 10%, a move JPMorgan, a major credit card issuer, vowed to oppose. This backdrop of political and financial tension adds a layer of complexity to the lawsuit.
The concept of “debanking,” which involves banks withdrawing services from customers, has gained political attention, especially among conservatives. The issue rose to national prominence during the Obama administration with accusations against the government for pressuring banks to limit services to certain industries under “Operation Choke Point.” Following the Capitol attack on January 6, 2021, Trump and others alleged that banks, citing “reputational risk,” unjustly severed ties with conservative figures.
Trump’s lawsuit accuses JPMorgan of trade libel and Dimon of breaching Florida’s Unfair and Deceptive Trade Practices Act. Trump’s legal team describes the bank’s actions as indicative of a broader industry practice aimed at politically realigning the public.
This lawsuit against JPMorgan is not Trump’s first legal challenge against a financial institution on similar grounds. In March 2025, the Trump Organization sued Capital One for comparable reasons, a case that remains active in the courts.
