Trump Sues JPMorgan, CEO Dimon For $5B Over Alleged ‘Political Debanking’/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon, alleging the bank “debanked” him for political reasons. The complaint claims the bank’s actions were driven by “political and social motivations” to distance itself from Trump’s conservative views. JPMorgan calls the lawsuit meritless and says it closes accounts only for legal or regulatory risk.
Trump vs. JPMorgan Quick Looks
- Trump sues JPMorgan Chase and CEO Jamie Dimon for $5 billion.
- Lawsuit claims the bank “politically and unjustifiably” closed Trump’s accounts.
- Filed Thursday in Florida state court by Trump attorney Alejandro Brito.
- JPMorgan says it doesn’t close accounts for political or religious reasons.
- Trump’s accounts allegedly closed with no warning, recourse, or remedy.
- The suit says JPMorgan published Trump’s name on a “blacklist” shared with other banks.
- Trump argues the bank’s conduct reflects a trend of banking “debanking” conservatives.
- Alleged violations include unfair trade practices, trade libel, and breach of good faith.
- Trump demands a jury trial.
- JPMorgan and Bank of America have denied political bias in closures.
Deep Look: Trump Sues JPMorgan and CEO Jamie Dimon Over Alleged Political ‘Debanking’
President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase & Co. and its CEO Jamie Dimon, claiming the bank unlawfully closed his accounts for political reasons.
The lawsuit, filed Thursday in Florida state court in Miami, was brought by Trump and several of his hospitality businesses through attorney Alejandro Brito. Trump’s legal team alleges that JPMorgan’s decision to shut down multiple accounts was motivated by the bank’s desire to distance itself from Trump’s conservative political views rather than legitimate legal or regulatory concerns.
Allegations of Political Motivation
According to the complaint, JPMorgan’s own code of conduct — which pledges integrity, ethics, and adherence to law — was violated when the bank:
- Closed Trump’s and affiliated entities’ bank accounts without prior warning.
- Provided no way for Trump or his businesses to contest or remedy the closures.
- Published Trump’s name and those of his affiliated entities on a purported “blacklist,” allegedly shared with federally regulated banks.
Trump’s lawsuit asserts that this blacklist was unjustified and caused other financial institutions to avoid doing business with him, inflicting financial and reputational harm on Trump and his companies.
The suit further claims that JPMorgan’s actions reflect a broader industry pattern of “debanks” impacting individuals whose political views differ from those of financial institutions.
JPMorgan’s Response
A spokesperson for JPMorgan Chase told media outlets the lawsuit lacks merit. The bank said it does not close accounts based on political or religious beliefs and that accounts are only shut when they pose legal or regulatory risk to the institution.
JPMorgan added that it has repeatedly urged both the current and prior administrations to update rules and regulations that sometimes force banks into difficult decisions about account closures. The bank also expressed support for efforts to prevent the weaponization of the banking sector.
Background: Trump’s Banking History
Trump had banked with JPMorgan for decades, and his entities conducted hundreds of millions of dollars in transactions with the bank, according to the lawsuit.
Trump’s legal team points to Feb. 19, 2021, as the date the relationship changed — shortly after the Jan. 6, 2021, Capitol protests. The suit claims that without warning, JPMorgan notified Trump that several accounts would close by April 19, 2021.
The complaint alleges that Trump and his businesses were provided no explanation, recourse, or alternative when the closures were enacted.
Alleged Impact and Industry Trends
Trump’s attorneys argue that JPMorgan’s actions harmed the president and his companies and reflect a growing trend in the banking industry to cut off services to individuals based on political views.
The lawsuit accuses the bank and Dimon of:
- Trade libel
- Violating Florida’s unfair and deceptive trade practices
- Breach of implied covenant of good faith and fair dealing
Trump is demanding a jury trial to pursue these claims.
Related ‘Debanking’ Claims
The new lawsuit follows a 2025 lawsuit by the Trump Organization against Capital One, alleging that the bank unjustifiably closed more than 300 accounts in 2021. At that time, Capital One denied political bias in its decision — similar to JPMorgan’s position.
Trump has also publicly claimed that Bank of America refused to accept large deposits when he attempted to bank elsewhere, though that allegation has not resulted in a lawsuit.
Wider Banking Responses
In 2025 testimony on Capitol Hill, Jamie Dimon denied that JPMorgan debanks customers because of political or religious affiliation. Dimon attributed account closures to regulatory pressures and said the bank wants clearer guidance on rules that drive such decisions.
Bank of America CEO Brian Moynihan echoed a similar stance, reiterating that the bank serves millions of customers regardless of their views and that decisions about accounts are based on risk and compliance — not politics.
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