Trump Sues JPMorgan and CEO Jamie Dimon for $5 Billion Over Alleged Political ‘Debanking’

U.S. President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase & Co and its Chief Executive Officer Jamie Dimon, accusing the bank of politically motivated “debanking” after the January 6, 2021 Capitol riot.

The complaint, filed on Thursday in a Florida state court in Miami-Dade County, alleges that JPMorgan abruptly ended a decades-long banking relationship with Trump-linked entities in early 2021 to align with prevailing political sentiment.

According to the lawsuit, JPMorgan notified Trump on February 19, 2021 that it would close multiple accounts tied to him and the wider Trump business ecosystem within 60 days.

Trump’s legal team argues the move caused disruption to his financial operations and damaged his reputation, alleging the bank treated him as an unacceptable client due to political pressure rather than standard banking compliance procedures.

JPMorgan denies political motives

JPMorgan rejected the allegations, calling the lawsuit “without merit.”

A spokesperson said the bank does not close customer accounts for political or religious reasons, and that exits are driven by situations in which customers create heightened legal, regulatory or compliance risk.

‘Blacklist’ allegation raises stakes

One of the most serious claims in the lawsuit is the allegation that Dimon directed the creation of a client “blacklist” — a list of individuals deemed non-compliant — which the complaint claims influenced other banks’ risk decisions.

JPMorgan denies any such coordinated activity and maintains that client offboarding decisions are made internally and based on regulatory and risk criteria.

Wall Street relationship strain widens

The case lands amid growing tension between Trump’s political camp and major banks over what conservatives describe as reputational-risk discrimination.

The friction has become more public this week, after Dimon — speaking at the World Economic Forum in Davos — criticised Trump’s reported proposal for a 10% cap on credit card interest rates, warning it could restrict access to credit for millions of borrowers.

Trump, in turn, dismissed Dimon’s remarks, framing them as self-interested and aligned with the banking industry’s preference for higher lending margins.

Legal claims and damages

Trump’s lawsuit seeks a jury trial and at least $5 billion in damages. It includes allegations such as:

• trade libel
• violation of Florida’s Deceptive and Unfair Trade Practices Act
• breach of implied covenant of good faith and fair dealing

The filing adds momentum to a fast-growing political and regulatory debate: whether banks should be allowed to deny or withdraw services due to reputational or political risk — even when clients have not been convicted of financial crimes.

Why This Matters

1. This is a new kind of Wall Street political risk
   Debanking lawsuits could become a template used against large U.S. banks — raising legal costs and policy risk.
2. Banks may face tighter limits on “reputational risk” exits
   If courts or regulators restrict offboarding policies, compliance frameworks could shift across the sector.
3. Trump vs Dimon is a power clash
   It is a direct conflict between the U.S. president and the most influential U.S. bank CEO — with implications for regulation, credit markets and lobbying.
4. The case could chill private banking decisions
   If political cases start driving litigation risk, banks may become more cautious about account closures.

Summary

Trump filed a $5 billion lawsuit in Florida state court against JPMorgan Chase and CEO Jamie Dimon, alleging politically motivated debanking after the January 6 Capitol riot. JPMorgan denies the claims and says account closures are driven by legal and regulatory risk, not politics. The lawsuit escalates the national debate over reputational-risk-based banking exits and comes amid public friction between Trump and Dimon over consumer finance policy.

FAQs

Q1: What is Trump alleging?

Trump alleges JPMorgan closed Trump-linked accounts in early 2021 due to political pressure, not compliance reasons.

Q2: When did JPMorgan notify Trump about closures?

The lawsuit cites Feb 19, 2021, with closures planned within 60 days.

Q3: What is JPMorgan’s response?

JPMorgan says the suit is without merit and denies closing accounts due to political or religious beliefs.

Q4: What’s the “blacklist” claim?

The complaint alleges a “blacklist” of “non-compliant” individuals, which Trump argues influenced broader banking behaviour. JPMorgan denies wrongdoing.

Q5: Is Trump involved in similar cases with other banks?

Yes, Trump-related entities have pursued similar allegations against other lenders in prior litigation, according to court filings and reporting.