Trump files $5B lawsuit against JPMorgan over alleged 'debanking’

President Donald Trump filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon on Thursday seeking at least $5 billion in damages, alleging that the bank closed his accounts for political reasons following the January 6, 2021, Capitol events.

The complaint, filed by Trump's attorney Alejandro Brito, accuses the nation's largest bank of trade libel, breach of the implied covenant of good faith and fair dealing, and violation of Florida's Unfair and Deceptive Trade Practices Act.

The lawsuit marks the latest escalation in Trump's broader campaign against what he characterizes as political "debanking" by major financial institutions.

JPMorgan responded by stating it "firmly believes the lawsuit lacks any merit" and reiterated that it does not close accounts for political reasons.​​

Trump vs JPMorgan: What the complaint alleges

According to the legal filing, Trump and several of his hospitality companies had been JPMorgan customers for decades and had transacted "hundreds of millions of dollars" through the bank.

The complaint claims that on February 19, 2021, JPMorgan notified Trump that several of his bank accounts would be terminated just two months later, offering no explanation and providing no recourse or remedy.​

The lawsuit alleges that JPMorgan's decision was driven by "political and social motivations" and what Trump's attorney describes as the bank's "woke beliefs" that it needed to distance itself from the president.

More broadly, the suit claims JPMorgan placed Trump and his affiliated entities on a "blacklist" accessible to federally regulated banks, thereby inducing other financial institutions to refuse doing business with him.

The complaint characterizes this as an intentional and malicious falsehood, since Trump maintains he and his entities have always complied with banking regulations.​

This lawsuit follows Trump's announcement over the weekend that he planned to file suit, a threat he amplified through a Truth Social post stating:

Regulatory backdrop

The suit reflects Trump's broader executive agenda targeting "debanking."

In August 2025, he issued an executive order mandating that banks cannot deny financial services based on political or religious beliefs.

JPMorgan has disclosed in regulatory filings that it is responding to government inquiries and investigations regarding its account closure policies.​

Notably, Florida Attorney General James Umeer has also opened an investigation into JPMorgan for allegedly debanking Trump Media before its initial public offering.

CEO Jamie Dimon previously acknowledged that banking regulators were "pretty much" responsible for driving account closures during this period.​

The Trump Organization separately sued Capital One in 2025 using similar debanking allegations.

That suit claims the bank closed more than 300 accounts in June 2021 following an earlier notification.

JPMorgan's legal team is likely to file a motion to dismiss early in the case.

Discovery could shed light on the bank's internal policies, compliance protocols, and communications around high-profile customer accounts during the post-January 6 period.