President Donald Trump has filed a $5bn (£3.7bn) lawsuit against JPMorgan Chase, accusing the bank of illegally closing his accounts for political reasons following the January 6, 2021 Capitol riot.
The lawsuit, filed in Florida, also names JPMorgan’s chief executive Jamie Dimon and claims Trump and his businesses suffered “considerable financial and reputational harm” after the bank shut down their accounts in 2021.
JPMorgan Chase said the lawsuit has no merit.
“JPMC does not close accounts for political or religious reasons,” a spokesperson said. “We do close accounts when they create legal or regulatory risk for the company.”
Account Closures After Capitol Riot
JPMorgan moved to close Trump’s personal and business accounts in the aftermath of the Capitol riot, when Trump supporters attempted to disrupt the certification of the 2020 presidential election.
In the lawsuit, Trump alleges the decision was part of a broader effort by financial institutions to pressure individuals based on their political beliefs. The complaint describes the closures as evidence of a “systemic, subversive industry practice” designed to coerce the public into changing their political views.
The filing claims JPMorgan acted based on what it calls “unsubstantiated, woke beliefs” and sought to distance itself from Trump and his conservative views because it believed political sentiment at the time favored doing so.
Allegations Of Blacklisting And Trade Libel
Trump also accuses the bank of trade libel, alleging that JPMorgan placed his name and those of his businesses and family members on a “blacklist” shared with other banks. The list was allegedly used to flag individuals associated with what the lawsuit describes as “malfeasant” activity.
According to the filing, the decision to blacklist Trump was approved by Dimon personally.
JPMorgan declined to comment on the specific allegations but said it regretted having to close accounts and argued that regulatory expectations often force banks into such decisions.
“We have been asking both this administration and prior administrations to change the rules and regulations that put us in this position,” the bank said. “We support efforts to prevent the weaponisation of the banking sector.”
Political And Regulatory Context
The lawsuit comes amid renewed tension between Trump and Dimon. In recent weeks, Dimon has publicly criticised the administration’s proposal to cap credit card interest rates, its immigration policy, and its stance toward the Federal Reserve.
Debanking has become a priority issue for Trump, who has accused major banks of unfairly targeting customers based on political or ideological views. He has ordered reviews into banking practices since returning to office.
Last month, regulators said they had found that nine of the country’s largest banks made “inappropriate distinctions” among customers based on the industries they operate in, including sectors such as oil and gas, private prisons, and adult entertainment.
The case is expected to draw significant attention as it raises broader questions about the balance between regulatory compliance, political neutrality, and access to financial services.
Featured image credits: Flickr
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