TLDR
- President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon in Miami-Dade County on Thursday
- The lawsuit claims the bank closed Trump’s accounts in February 2021 for political reasons, seven weeks after the January 6 Capitol assault
- JPMorgan says it closes accounts due to legal or regulatory risk, not for political or religious reasons, and calls the lawsuit meritless
- The complaint alleges trade libel, breach of good faith, and violations of Florida’s deceptive trade practices law
- JPMorgan revealed in November it faces reviews and investigations related to the Trump administration’s fight against “debanking”
President Donald Trump sued JPMorgan Chase and its CEO Jamie Dimon on Thursday for at least $5 billion. The lawsuit was filed in Miami-Dade County state court by Trump’s lawyer, Alejandro Brito.
The complaint accuses JPMorgan of closing Trump’s accounts for political reasons. Trump alleges the bank stopped offering him and his businesses banking services without warning or provocation.
JPMorgan closed the accounts in February 2021, about seven weeks after the January 6 Capitol assault. Trump was out of office at the time and his political standing was low.
The lawsuit claims the bank was motivated by “woke” beliefs that it needed to distance itself from Trump. According to the complaint, JPMorgan believed the political climate favored cutting ties with the former president.
Trump’s legal team filed three charges against the bank. These include trade libel, breach of implied covenant of good faith, and violations of Florida’s deceptive trade practices law.
JPMorgan Denies Political Motivation
JPMorgan responded to the lawsuit with a statement calling it meritless. The bank said it respects Trump’s right to sue and its own right to defend itself in court.
A bank spokeswoman told Fox News that JPMorgan doesn’t close accounts for political or religious reasons. The bank closes accounts when they create legal or regulatory risk for the company.
The bank said rules and regulatory expectations often force it to close accounts. JPMorgan stated it has asked both the current and prior administrations to change these rules and regulations.
Trump’s complaint alleges the bank placed him on a blacklist for wealth management accounts. The lawsuit also claims the Trump Organization and family members were added to this blacklist.
Florida law prohibits financial institutions from ending banking relationships based on political opinions, speech, or affiliations. Trump’s lawyers cite this law in their complaint.
Ongoing Debanking Controversy
JPMorgan disclosed in November that it faces reviews and investigations tied to debanking allegations. The Trump administration has made fighting “debanking” a priority since taking office.
Trump has publicly criticized major banks over debanking since returning to office. He addressed the issue at the World Economic Forum in Davos a year ago.
In August, Trump told CNBC that JPMorgan asked him to close his accounts. He also claimed Bank of America declined his attempt to deposit over $1 billion.
Days after those comments, Trump signed an executive order on debanking. The order directed federal regulators to identify financial institutions that engaged in unlawful debanking practices.
The Trump Organization previously filed a similar lawsuit against Capital One Financial Corp. That case also alleges the bank closed accounts for political reasons.
JPMorgan is the largest bank in the United States. The lawsuit claims the bank’s actions caused Trump financial and reputational harm.
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