Donald Trump has filed a $5 billion lawsuit against JP Morgan Chase and its CEO, Jamie Dimon, alleging “debanking” – the closure of accounts – based on political motivations following the 2020 election.The suit, lodged in Florida’s Miami-Dade County Court, claims the bank abruptly terminated multiple accounts in February 2021 with minimal notice and without providing a clear rationale.
Trump asserts that this action deprived him and his businesses of millions of dollars, causing operational disruptions and necessitating the urgent establishment of new banking relationships. The lawsuit contends that JP Morgan chase acted based on a perceived shift in the political climate.According too the filing, Trump personally contacted Dimon to address the account closures, receiving assurances that the matter would be investigated. However, the lawsuit alleges that Dimon failed to follow through. Furthermore, Trump’s legal team claims JP Morgan placed the former president and his companies on a “blacklist,” potentially hindering their ability to secure banking services elsewhere.
JP Morgan Chase acknowledged the lawsuit but firmly denied any political basis for its actions. A spokesperson stated the bank does not close accounts due to political or religious affiliations, but rather due to legal or regulatory risks.
The legal action follows recent tensions between Trump and Wall Street, especially regarding proposed interest rate caps on credit cards – a move that could considerably impact major issuers like Chase.Trump has also criticized the independence of the Federal Reserve.
The concept of ”debanking” has gained political prominence in recent years, with conservatives alleging discrimination by financial institutions. This case echoes previous accusations and a similar lawsuit filed by the Trump Organization against Capital One in March 2025, which remains ongoing. The lawsuit frames JP Morgan Chase’s actions as part of a broader effort to influence public opinion and political alignment, accusing Dimon of violating Florida’s Unfair and Deceptive Trade Practices Act and alleging trade libel. As returning to office,Trump’s administration has also taken steps to prevent banks from using ”reputational risk” as justification for denying services.
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