President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, accusing the bank of severing ties with him for political reasons following the Jan. 6, 2021, attack on the U.S. Capitol.
The lawsuit, filed in Florida, alleges that the nation’s largest bank improperly closed Trump-related accounts in early 2021 as part of what the complaint describes as politically motivated “debanking.” Trump claims the decision amounted to discrimination based on his political views and public profile.
According to the filing, the bank informed Trump in February 2021 that his accounts would be terminated within 60 days. The lawsuit argues that the move was not based on legitimate financial or regulatory concerns but rather on what it characterizes as pressure stemming from political and social sentiment following the Capitol riot.
The complaint asserts that the bank sought to distance itself from Trump because it believed doing so aligned with prevailing public opinion at the time. Trump is seeking $5 billion in damages, alleging reputational harm, financial loss, and wrongful termination of banking services.
An attorney representing Trump filed the suit on his behalf. The attorney has also represented Trump and his family members in other high-profile legal actions.
Bank Response
In response to the lawsuit, the bank said it does not close accounts for political or religious reasons. It stated that account closures occur when customers present legal, regulatory, or reputational risks to the institution, and that such decisions are sometimes required to comply with regulatory expectations.
The bank added that it believes the lawsuit lacks merit and said it will defend itself in court.
Timing and Background
The lawsuit comes roughly two months after Dimon publicly stated that the bank would not participate in funding a large ballroom project planned for the White House. The project, which is expected to cost hundreds of millions of dollars, is being financed by Trump and a group of private donors. The bank was not among the contributors.
In a previous public appearance, Dimon explained that the institution avoids certain activities because of concerns about how they might be perceived, particularly given its extensive dealings with governments and regulators worldwide. He said the bank is cautious about actions that could be interpreted as seeking political favor.
Dimon has at times been openly critical of Trump’s policies. During the 2024 presidential election cycle, Trump falsely claimed that Dimon had endorsed him, a claim the executive did not support. More recently, Dimon publicly expressed concerns about the direction of the country, signaling continued disagreement with aspects of Trump’s leadership.
What Comes Next
The case will proceed in Florida court. Legal experts note that banks generally have broad discretion to terminate customer relationships, though the lawsuit raises questions about the intersection of corporate decision-making, political pressure, and claims of discrimination against public figures.
The bank has not indicated any plans to reverse its prior actions, and Trump’s legal team has said it intends to pursue the case aggressively.