Trump Files $5 Billion Lawsuit Against JPMorgan Over Account Closures
America ı By Ahmed Boughalleb
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President Donald Trump has filed a lawsuit in Florida state court seeking at least $5 billion in damages from JPMorgan Chase, accusing the bank of unlawfully closing his personal and business accounts following the end of his first presidential term.
The lawsuit, filed Thursday, alleges that JPMorgan abruptly terminated banking services for Trump and multiple affiliated companies beginning in early 2021, disrupting long-standing financial relationships that Trump claims spanned decades and involved hundreds of millions of dollars in transactions.
According to the complaint, the account closures occurred without prior warning and forced Trump and his businesses to scramble for alternative banking arrangements, allegedly resulting in financial losses and reputational harm. Trump claims the decision amounted to political discrimination, asserting that the bank acted to distance itself from him amid widespread backlash following the January 6, 2021, U.S. Capitol attack.
The suit characterizes the closures as part of a broader practice often referred to as “debanking,” a term used by some conservatives to describe banks denying services for non-financial reasons. Trump alleges that JPMorgan’s actions reflected social and political motivations rather than legitimate risk management concerns.
JPMorgan Chase strongly denied the allegations. In a statement, a bank spokesperson said the institution does not close accounts based on political or religious views and described the lawsuit as without merit. The bank said it would defend itself in court, emphasizing that account decisions are driven by legal and regulatory obligations.
The complaint also names JPMorgan Chief Executive Officer Jamie Dimon as a defendant and accuses the bank of placing Trump and his companies on an internal industry blacklist, which Trump claims made it difficult to secure banking services elsewhere. JPMorgan has not confirmed the existence of any such list.
Trump is seeking declaratory relief alongside monetary damages, attorneys’ fees, and costs. The claims are brought under Florida law and include allegations of unfair trade practices, breach of good faith, and trade libel.
The lawsuit follows similar accusations Trump has made against other financial institutions in recent years and comes as federal regulators and lawmakers continue to debate whether discriminatory account closures violate consumer protection laws.
The case is pending in the Eleventh Judicial Circuit Court of Florida.
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