Trump sues JPMorgan, Dimon for USD5b, alleging political debanking
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The news: Donald Trump has sued JPMorgan Chase and its CEO Jamie Dimon for at least USD5 billion ($7.3 billion), alleging the lender debanked him and his businesses for political and social reasons.
According to Fox News, the lawsuit was filed Thursday in Florida state court by Trump’s attorney Alejandro Brito, claiming JPMorgan terminated multiple accounts without warning or remedy in April 2021, following a notification on 19 February that year.
It alleges the bank acted to “distance itself” from Trump and his “conservative political views,” in alleged violation of its own code of conduct.
The complaint also accuses JPMorgan and Dimon of trade libel, breach of implied covenant of good faith and fair dealing and violations of Florida’s unfair and deceptive trade practices act.
It further claims the bank “unlawfully and unjustifiably” published the names of Trump, the Trump Organization, affiliated entities and Trump family members on a blacklist shared among federally regulated banks.
The context: The suit is the latest in a series of legal actions by Trump targeting major financial institutions he accuses of politically motivated discrimination, following similar claims against Capital One in 2025.
He has linked the closure of his accounts to the aftermath of the January 6 Capitol riot and has repeatedly singled out JPMorgan in his push to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons.
It also comes just days after Dimon warned at Davos that Trump’s proposal to cap credit card interest rates at 10% would amount to an “economic disaster”.
What they said: JPMorgan has repeatedly denied debanking people for political reasons.
In a statement to Fox, a spokeswoman for the lender said, “while we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”
"JPMC does not close accounts for political or religious reasons," she continued. "We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so."
