President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, accusing the bank of illegally closing his accounts and those of his affiliated businesses for political reasons. The lawsuit, filed on January 22, 2026, in Florida state court in Miami-Dade County, claims this action amounted to “debanking” driven by bias against Trump’s conservative views.
Trump, who had been a customer of JPMorgan Chase for decades, alleges that the bank handled hundreds of millions of dollars in transactions for him and his companies. According to the complaint, everything changed on February 19, 2021—shortly after the January 6, 2021, Capitol riot—when the bank notified Trump and his entities that several accounts would be closed by April 19, 2021. The lawsuit states that JPMorgan provided no warning, no chance to fix the issue, and no alternatives. It describes the decision as “final and unequivocal.”
Trump’s attorney, Alejandro Brito, argues that JPMorgan violated its own code of conduct, which promises to operate with “the highest level of integrity and ethical conduct” and to “do the right thing—not necessarily the easy or expedient thing.” The suit claims the bank ignored these principles by terminating the accounts due to “political and social motivations” and “unsubstantiated, ‘woke’ beliefs” that it needed to distance itself from Trump and his views. It accuses the bank of following what it saw as the popular political trend at the time.
The complaint goes further, alleging that JPMorgan placed Trump, his family, the Trump Organization, and related entities on a “blacklist” shared with other federally regulated banks. This list supposedly includes people or groups with histories of serious violations or noncompliance with banking rules. Trump’s team insists they always followed regulations and kept accounts in good standing, so adding their names was an “intentional and malicious falsehood.” They claim this harmed their reputation and made it harder to find other banks, amounting to unfair and deceptive trade practices.
The lawsuit lists several claims against JPMorgan Chase and Dimon personally, including trade libel, violations of Florida’s unfair and deceptive trade practices act, breach of the implied covenant of good faith and fair dealing, and a request for declaratory relief. Trump’s side is seeking at least $5 billion in damages and has demanded a jury trial.
JPMorgan Chase responded quickly, calling the lawsuit meritless. A bank spokesperson said, “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves—that’s what courts are for.” The bank emphasized that it “does not close accounts for political or religious reasons” and only does so when accounts create legal or regulatory risks. It added that strict rules often force such decisions and that the bank supports efforts to prevent the “weaponization” of the banking system.
This case fits into a larger pattern. Trump has previously sued other banks, like Capital One in 2025, over similar “debanking” claims after 2021 account closures. He has also issued executive orders targeting what he calls politicized debanking. The lawsuit comes amid ongoing tensions between Trump and Dimon, who has publicly criticized some of Trump’s economic ideas, such as capping credit card interest rates, and defended the Federal Reserve’s independence.
Trump previewed the suit on Truth Social the weekend before filing, saying he would sue over what he called “incorrect” and “inappropriate” debanking after the January 6 events. He has claimed other banks, including Bank of America, also refused his business afterward.
The case highlights broader debates about whether banks can—or should—cut ties with customers based on political controversy, and whether regulations play a bigger role than politics in these decisions. For now, it remains in the early stages, with JPMorgan expected to defend itself vigorously in court.
