Trump has sued JPMorgan Chase and CEO Jamie Dimon for $5 billion, alleging politically motivated “debanking.”
The lawsuit claims violations of Florida trade and consumer protection laws.
JPMorgan denies political bias, saying account closures were based on legal and regulatory risks.
Trump Takes JPMorgan to Court, Seeks $5 Billion Over Alleged Political ‘Debanking’
US president Donald Trump alleges political discrimination as JPMorgan denies wrongdoing, citing regulatory and legal risks
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US President Donald Trump has filed a lawsuit against investment banking giant JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, seeking $5 billion in damages. According to reports, Trump alleged that the bank refused to provide banking services to him and his businesses for political reasons.
The lawsuit was filed on Thursday in Miami-Dade County state court, citing trade libel and breach of the implied covenant of good faith and fair dealing, media reports said. According to Bloomberg, the suit also claims that Dimon violated Florida’s Deceptive and Unfair Trade Practices Act.
“You’re not allowed to do what they did — Jamie Dimon, what he did, he’s not allowed to do that. I don’t know what their excuse would be. Maybe their excuse would be the regulators,” Trump said earlier last week.
The Trump administration’s legal team argued that JPMorgan’s actions violated Florida law, which prohibits financial institutions from terminating accounts based on an individual’s political beliefs.
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“Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America — and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga,” the complaint said, according to a copy reviewed by Bloomberg.
The lawsuit follows the Trump administration’s broader campaign against what it has described as the ‘weaponization’ of the banking sector, targeting financial institutions accused of denying services for political or ideological reasons.
In response to the lawsuit, JPMorgan denied that political or religious considerations influenced its decisions. “We do close accounts because they create legal or regulatory risk for the company,” the bank said in a statement.
JPMorgan Hikes Dimon’s Pay Amid Lawsuit
JPMorgan Chase announced a 10.3% increase in Dimon’s compensation package to $43 million for 2025, citing strong performance during the year and quarterly profits that beat market expectations. Dimon has served as JPMorgan’s CEO since 2005 and is among the most prominent executives in the US corporate world.
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