Trump Files $5bn lawsuit Against JP Morgan, Alleges Political Reasons

US President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, accusing the bank of closing his personal and business accounts in 2021 for political reasons, a move he says caused significant financial and reputational damage.

The lawsuit, filed in Florida, also names JPMorgan chief executive Jamie Dimon as a defendant. Trump alleges the account closures followed the January 6, 2021 attack on the US Capitol and were driven by political bias rather than legitimate banking concerns.

According to the complaint, JPMorgan acted on what Trump described as “unsubstantiated, ‘woke’ beliefs” and sought to distance itself from him due to his conservative political views. The filing claims the decision violated Florida law, which prohibits financial institutions from discriminating against customers based on political beliefs.

Trump further alleged that JPMorgan engaged in trade libel by placing his name and that of his businesses, and potentially members of his family, on a shared banking “blacklist” used to flag clients for alleged misconduct. He claimed the move was part of a broader industry practice designed to pressure individuals and organisations to alter their political positions.

JPMorgan rejected the allegations, describing the lawsuit as baseless. In a statement, the bank said it does not close accounts for political or religious reasons but may do so when accounts pose legal, regulatory or reputational risks. JPMorgan added that while it regretted account closures, such decisions are often required to comply with regulatory obligations.

The case marks another confrontation between Trump and Dimon, who has previously criticised aspects of Trump administration policies, including proposals affecting the credit card industry and concerns over government influence on the Federal Reserve.

Debanking has become a recurring issue for Trump and other conservative figures, who argue that financial institutions unfairly restrict services based on ideology. Regulators have previously found that several major US banks made inappropriate distinctions between customers based on the nature of their business activities.