Former U.S. President Donald Trump sues JPMorgan Chase and its CEO Jamie Dimon over the issue of "de-banking."

Wallstreetcn
2026.01.22 17:23
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Trump claims at least $5 billion, accusing JPMorgan Chase of stopping banking services to him and his related businesses for political reasons. Previously, during Trump's efforts to combat what he perceives as banks ideologically refusing to provide financial services to clients (debanking), he has repeatedly named JPMorgan Chase

Former U.S. President Donald Trump has filed a lawsuit against JPMorgan Chase & Co. and its CEO Jamie Dimon, seeking at least $5 billion in damages, accusing the bank of politically motivated actions to stop providing banking services to him and his related businesses.

The lawsuit was filed on Thursday in the state court of Miami-Dade County, Florida. The complaint alleges that JPMorgan Chase committed trade libel and violated implied duties of good faith and fair dealing, and claims that Dimon violated Florida's laws against unfair and deceptive trade practices. JPMorgan Chase stated that it does not close customer accounts for political or religious reasons.

In his efforts to combat what he perceives as banks refusing to provide financial services based on ideology (debanking), Trump has repeatedly named JPMorgan Chase. As the largest bank in the U.S., JPMorgan Chase disclosed last November that it was facing scrutiny, investigations, and legal proceedings related to the Trump administration's efforts against debanking.

Additionally, reports indicate that the Trump Organization has previously sued Capital One Financial Corp. over similar allegations.

The complaint states: "Debanking is a matter of public interest for all American consumers and businesses and is of significant importance. JPMorgan Chase, given its long and leading history, is one of the core participants in this ongoing and concerning event."

According to Bloomberg, the lawsuit has not yet appeared in the court's public records.

JPMorgan Chase stated in a statement that the lawsuit is baseless. The bank said, "We do close accounts when they pose legal or regulatory risks to the company. We regret this, but the relevant rules and regulatory requirements often compel us to do so. We have consistently urged this administration and previous administrations to amend these rules and regulations that put us in a reactive position, while also supporting efforts to prevent the weaponization of the banking system."

JPMorgan Chase added, "We respect former President Trump's right to sue us."

Trump's lawyers stated in the complaint that Florida law prohibits financial institutions from terminating banking relationships based on the political views, speech, or political positions of individuals or businesses

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