Former President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the bank closed his accounts in 2021 due to political motivations linked to the January 6 Capitol riot. The suit, filed in a Miami court, alleges violations of the bank's principles and significant financial harm to Trump and his businesses. JPMorgan denies the claims, asserting the closures were due to regulatory risks.
On Thursday, Donald Trump, through his attorney Alejandro Brito, initiated legal action in a Florida state court in Miami against JPMorgan Chase, one of the largest banks in the United States, and its CEO Jamie Dimon. The lawsuit seeks $5 billion in damages, accusing the bank of terminating multiple accounts belonging to Trump and his affiliated entities in 2021. According to the complaint, this decision stemmed from "political and social motivations" and the bank's "unsubstantiated, 'woke' beliefs" that it needed to distance itself from Trump's conservative views following the January 6 riot at the U.S. Capitol.
The timeline in the suit details that on February 19, 2021, JPMorgan notified Trump that the accounts would close within two months, offering no advance warning, recourse, or alternatives. This abrupt action, the filing argues, caused considerable financial losses, including interrupted access to banking services, difficulties in transacting and accessing funds, and the need to secure less favorable arrangements with other institutions. Furthermore, the lawsuit claims JPMorgan placed Trump and his businesses on a "blacklist" shared among federally regulated banks, which targets entities with histories of non-compliance or malfeasant acts.
This is not the first such accusation against the bank. It has faced claims of debanking conservative organizations, including the National Committee for Religious Freedom, founded by former Republican Senator Sam Brownback. JPMorgan has consistently denied closing accounts based on political or religious reasons.
In response to the lawsuit, JPMorgan issued a statement expressing regret but confidence in its merits: "While we regret President Trump has sued us, we believe the suit has no merit." The bank explained that it closes accounts posing legal or regulatory risks, often due to onerous rules, and has urged administrations to reform them. It supports efforts to prevent the "weaponization of the banking sector."
Following public backlash over debanking conservatives like Trump, JPMorgan updated its policies to prohibit discrimination against customers for political or religious views. Last year, Dimon stated, "We do not debank people because of political or religious affiliations." He added, "The rules and requirements are so onerous, and it does cause people to be debanked, who in my opinion, should not be debanked."
