President Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. He claims the bank closed his accounts because of his conservative political beliefs. This marks a major legal battle between the president and one of the largest financial institutions in the country.
The lawsuit was filed in Florida state court on Thursday by Trump’s lawyer, Alejandro Brito. According to The Sun, it was filed on behalf of the president and his hospitality companies. The case accuses JPMorgan Chase of what Trump’s team calls “de-banking” based solely on political reasons.
According to the lawsuit, JPMorgan Chase told Trump on February 19, 2021, that his accounts would be closed. The closures would take effect two months later, on April 19, 2021. Trump’s legal team argues the bank offered no “warning or remedy” before deciding to end the decades-long banking relationship.
The bank’s decision raises questions about political bias in financial services
Trump’s legal team says the bank gave no warning before ending the relationship. The president had banked with JPMorgan for many years and had moved hundreds of millions of dollars through the bank. Attorney Brito said he believes JPMorgan’s decision “came about as a result of political and social motivations.” He claims the bank was driven by “unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
The lawsuit also accuses JPMorgan of putting Trump, his family members, and his businesses on a “blacklist.” This list is reportedly accessible by other federally regulated banks and usually contains people or entities linked to wrongdoing or breaking banking rules. This legal battle comes as Trump’s recent sanctions decisions affect international relations.
JPMorgan Chase denied the political claims through a spokesman. The bank said it “does not close accounts for political or religious reasons.” The spokesman explained they close accounts “because they create legal or regulatory risk for the company.”
The bank believes the lawsuit has no merit. The spokesman said, “While we regret President Trump has sued us, we believe the suit has no merit.” JPMorgan also noted it has asked multiple administrations, including Trump’s, to change the rules that force them to close such accounts. The bank said it supports efforts to prevent the “weaponization of the banking sector.” Trump’s lawsuit demands a jury trial. The president’s approach to international trade deals has also drawn attention.
Published: Jan 24, 2026 01:45 pm