President Donald Trump has launched a $5billion legal action against JPMorgan Chase and its chief executive Jamie Dimon, alleging the bank closed his accounts for political reasons.
The lawsuit was filed on Thursday morning in a Florida state court in Miami by Mr Trump’s lawyer, Alejandro Brito.
The filing names both the president and several of his hospitality businesses as claimants in the action.
According to the lawsuit, JPMorgan engaged in what is described as politically motivated debanking in the aftermath of events in January 2021.
Donald Trump is set to sue JP Morgan
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Mr Trump had banked with JPMorgan for decades prior to the alleged termination of services.
The filing states that he and his associated companies processed hundreds of millions of dollars through the bank before the relationship ended.
The lawsuit identifies February 19 2021 as the date on which the banking relationship fundamentally changed.
On that day, JPMorgan is alleged to have informed Mr Trump and his entities that multiple accounts would be closed by April 19 2021.
A new lawsuit filed by the President alleges that JPMorgan Chase closed his bank accounts without warning and placed him, his businesses and members of his family on a blacklist accessible to federally regulated banks.
According to the filing, the decision to terminate the accounts was communicated “without prior notice”, and no alternative banking arrangements were offered.
Mr Trump’s lawyers claim there was no appeal process available to challenge the closures, describing the decision as “absolute and irreversible”.
The lawsuit argues the closures were motivated by political and social considerations rather than financial or regulatory concerns.
It alleges the bank acted because it believed the prevailing political climate favoured distancing itself from the president, and that Mr Trump’s conservative political views were a factor in the decision.
The filing claims the actions caused substantial financial and reputational damage to Mr Trump and his businesses.
The legal action also accuses JPMorgan and chief executive Jamie Dimon of placing Mr Trump’s name on a blacklist typically reserved for individuals or organisations with histories of misconduct or regulatory non‑compliance.
The filing states that the Trump Organization, affiliated entities and family members were also included on the list.
Mr Trump’s legal team says his accounts were in good standing at the time they were closed and fully compliant with applicable banking rules.
The alleged blacklisting is described as “an intentional and malicious falsehood”.
Jamie Dimon appeared alongside the President at the World Economic Forum in Davos
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The lawsuit accuses JPMorgan of trade libel, breaches of Florida’s unfair and deceptive trade practices legislation, and violations of the implied covenant of good faith and fair dealing. Mr Trump’s lawyers are seeking a jury trial.
JPMorgan spokesperson Trish Wexler previously responded to claims of political debanking, saying: “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs.”
She added: “We appreciate that this administration has moved to address political debanking, and we support those efforts.”
Mr Dimon addressed the issue during testimony on Capitol Hill in February 2025, rejecting claims that the bank targets customers based on their political views.
“We don’t debank people because of political or religious affiliations,” he said, adding that regulatory requirements were largely responsible for debanking decisions.