Trump Files $5 Billion Lawsuit Claiming Political “Debanking” by Major U.S. Bank

President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, alleging that the bank unlawfully terminated his accounts for political reasons. The lawsuit was filed Thursday in Florida state court in Miami and claims the decision was driven by political and social motivations intended to distance the bank from Trump and his conservative political views.

The legal action was submitted by Trump’s attorney, Alejandro Brito, on behalf of the president and several Trump-affiliated hospitality businesses. The complaint argues that JPMorgan violated its own publicly stated standards of integrity and ethical conduct by closing Trump’s accounts without warning or recourse.

The lawsuit references the bank’s code of conduct, which states that JPMorgan operates with high ethical standards and a commitment to lawful and responsible behavior. According to the filing, despite these stated principles, the bank abruptly terminated multiple accounts belonging to Trump and his associated entities, allegedly without offering any explanation, remedy, or alternative.

JPMorgan Chase responded to the lawsuit by denying the allegations, stating that it does not close customer accounts based on political or religious beliefs. The bank said accounts are only closed when they present legal or regulatory risks, and that regulatory expectations often force financial institutions into difficult decisions. The company expressed regret over the situation but maintained that the lawsuit lacks merit and that the courts are the appropriate venue to resolve the dispute.

According to the lawsuit, Trump and his affiliated businesses had been longtime customers of JPMorgan, conducting transactions totaling hundreds of millions of dollars over several decades. Trump’s attorney said the relationship changed dramatically on February 19, 2021, when the bank allegedly notified Trump and his entities that several active accounts would be closed two months later, on April 19, 2021.

The complaint alleges that the decision was final and non-negotiable, providing no opportunity for appeal or resolution. Trump’s legal team claims the bank’s actions were motivated by political considerations following the events of January 6, 2021, and were influenced by what they describe as social and ideological pressures.

The lawsuit further alleges that JPMorgan believed the political climate at the time favored severing ties with Trump and that the bank acted to align itself with prevailing political sentiment. Trump’s attorney argues that this decision caused significant financial and reputational harm and reflects a broader trend in which financial institutions deny banking services to individuals whose political views conflict with their own.

In addition, the lawsuit claims that JPMorgan and Dimon unlawfully placed Trump, the Trump Organization, affiliated entities, and members of the Trump family on an internal blacklist shared among federally regulated banks. According to the filing, this list is purportedly used to flag individuals or organizations accused of misconduct or regulatory noncompliance.

Trump’s legal team asserts that this alleged listing is false, malicious, and unjustified, stating that all relevant accounts were in good standing and fully compliant with banking regulations. The lawsuit argues that publishing these names constituted an unfair and deceptive trade practice and intentionally discouraged other banks from doing business with Trump and his affiliates.

The legal claims include trade libel, violations of Florida’s unfair and deceptive trade practices laws, breach of the implied covenant of good faith and fair dealing, and a request for declaratory relief. Trump is also demanding a jury trial.

Trump has publicly stated that he plans to challenge what he describes as improper debanking, claiming that he was given a short deadline to move hundreds of millions of dollars after January 6, 2021. He has also said that other banks later refused to accept large deposits when he attempted to open new accounts.

JPMorgan’s leadership has repeatedly denied allegations of political debanking. Jamie Dimon has stated that the bank does not discriminate against customers based on political or religious affiliation and has pointed instead to regulatory requirements as the primary cause of account closures. He has also argued that existing rules place excessive burdens on banks, sometimes resulting in customers being debanked when they should not be.

Other major financial institutions have made similar statements, emphasizing that they serve millions of customers and do not deny services based on political beliefs.

The lawsuit follows earlier legal action taken by the Trump Organization against another financial institution, which allegedly terminated hundreds of Trump-affiliated accounts in 2021 without warning or recourse. According to that earlier complaint, those accounts contained millions of dollars and were closed despite being in good standing.

Together, these lawsuits reflect a broader dispute over alleged political debanking and the role of financial institutions in restricting access to banking services based on perceived political risk.