The $5bn lawsuit alleges JPMorgan abruptly closed a number of accounts in 2021 slicing off Trump & his companies from entry to funds.
Printed On 22 Jan 2026
United States President Donald Trump has sued banking large JPMorgan Chase and its CEO Jamie Dimon for $5bn, accusing JPMorgan of debanking him and his companies for political causes after he left workplace in January 2021.
The lawsuit was filed on Thursday in Miami-Dade County courtroom in Florida. It alleges that JPMorgan abruptly closed a number of accounts in February 2021 with simply 60 days’ discover and no clarification. By doing so, Trump claims JPMorgan minimize the president and his companies off from tens of millions of {dollars}, disrupted their operations and compelled Trump and the companies to urgently open financial institution accounts elsewhere.
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“JPMC debanked [Trump and his businesses] as a result of it believed that the political tide for the time being favored doing so,” the lawsuit alleges.
In a press release, JPMorgan mentioned that it “regrets” that Trump sued them however insisted they didn’t shut the accounts for political causes.
“We consider the swimsuit has no benefit,” a financial institution spokesperson mentioned. “JPMC doesn’t shut accounts for political or spiritual causes. We do shut accounts as a result of they create authorized or regulatory threat for the corporate.”
The White Home mentioned it is going to refer the matter to the president’s outdoors counsel.
Banks have confronted rising political stress lately, significantly from conservatives who argue that lenders have improperly adopted “woke” political positions and, in some instances, discriminated towards sure industries, comparable to firearms and fossil fuels.
That stress has intensified throughout Trump’s second time period, with the Republican president claiming in interviews that some banks refused to offer providers to him and different conservatives. The banks have denied the allegation.
A US banking regulator mentioned final month that the 9 largest US banks up to now had positioned restrictions on offering monetary providers to some controversial industries in a observe generally described as “debanking”.
Final 12 months, JPMorgan mentioned it was cooperating with inquiries from authorities businesses and different entities relating to its insurance policies and procedures in gentle of the Trump administration’s push to scrutinise banks over alleged debanking.
Reputational threat
US regulators have examined themselves to see if overly strict supervisory insurance policies discouraged banks from offering providers to sure sectors.
Trump-led officers have additionally moved to loosen oversight, with federal financial institution regulators final 12 months saying they might cease policing banks primarily based on so-called “reputational threat”.
Beneath that method, supervisors may penalise establishments for actions that weren’t explicitly prohibited however may expose them to unfavourable publicity or pricey litigation.
Banks have more and more complained that the reputational threat normal is obscure and subjective, giving supervisors broad discretion to discourage companies from offering providers to sure individuals or industries.
The trade has additionally argued that regulators have to replace anti-money laundering guidelines, which may drive banks to shut suspicious accounts with out giving prospects an evidence.
