Donald Trump has filed lawsuit in Florida state court against JPMorgan Chaseseeking $5 billion in damages over claims that the bank abruptly closed accounts linked to him and his businesses. The case adds fresh momentum to the ongoing national debate around debanking and financial discrimination.
The complaint was filed in Miami-Dade County and names both JPMorgan and its chief executive Jamie Dimon as defendants. Trump alleges that the bank terminated accounts “without warning or provocation,” accusing JPMorgan of trade libel and breach of the implied covenant of good faith, while also alleging violations of Florida’s deceptive trade practices law by Dimon.
JPMorgan has rejected the claims, stating the lawsuit is without merit and emphasizing that the bank does not close accounts for political or religious reasons.
Trump has linked the alleged debanking to events following Jan. 6, 2021, when his supporters attacked the US Capitol. In recent social media posts, he reiterated claims that the 2020 election was rigged, framing the account closures as politically motivated retaliation.
The lawsuit follows Trump’s August executive order directing regulators to investigate “politicized or unlawful debanking.” Republican lawmakers have also pushed for legislation addressing the issue, particularly amid claims from crypto and technology executives that coordinated efforts—often labeled “Operation Chokepoint 2.0”—restricted their access to banking services.
The case could have lasting consequences for how banks manage politically exposed clients, potentially influencing future regulations on account closures and financial access.
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