Trump Sues JPMorgan for $5B Over Post-Capitol Account Closure
Trump files $5B lawsuit against JPMorgan, claiming political debanking after Capitol riot caused “financial and reputational harm” to him and his businesses.
President Donald Trump has filed a $5 billion (£3.7 billion) lawsuit against JPMorgan Chase, America's largest bank, accusing the bank of illegally closing his accounts for political reasons.
The lawsuit also names the bank's chief executive, Jamie Dimon. It alleges that Trump and his businesses suffered "substantial financial and reputational harm" after the bank abruptly closed his accounts in 2021.
The bank took action to close the accounts following the January 6, 2021 riot, when Trump supporters stormed the US Capitol to disrupt the formal confirmation of the election results.
A JPMorgan Chase spokesperson said that "this lawsuit has no merit." JPMC does not close accounts for political or religious reasons."
The bank said in a statement, "We close accounts because they pose a legal or regulatory risk to the company."
The lawsuit, which Trump said would come over the weekend, is the latest clash between Trump and Dimon, who has led JPMorgan for two decades.
In recent weeks, Dimon has also spoken out against the administration's proposal to impose limits on credit cards and criticized its immigration policy and stance toward the Federal Reserve.
The complaint, filed in Florida, prohibits banks from discriminating based on customers' political views.
Trump says JPMorgan's decision to close his accounts was "a key indicator of a systematic, destructive industry practice aimed at forcing the public to change and realign their political views."
The filing alleges that the move was "based on evidence, 'conscious', and was motivated by beliefs that it needed to distance itself from President Trump and his conservative political views."
It states, "In effect, JPMC closed Plaintiff's accounts because it believed the political climate at the time favored doing so."
Trump also accused the bank of trade defamation for placing his name, and those of his businesses "and/or family," on a "blacklist"—a list shared with other banks and intended to identify people with a history of "wrongdoing."
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This move was reportedly approved by Dimon himself.
Following the Capitol riot, several companies refused to do business with the president.
In its statement on Thursday, JPMorgan said it regretted closing the accounts, but said it was "rules and regulatory expectations" that often drove these decisions.
It added, "We adhere to those rules and regulations from both this administration and previous administrations." We are calling for changes to the policies that put us in this position, and we support the administration's efforts to prevent the banking sector from being weaponized."
Debanking, or account closure, has been a priority issue for Trump, who has publicly rebuked JPMorgan and other banks for the practice and ordered a review of their activities.
Last month, regulators said they found "unfair discrimination" between customers at nine of the nation's largest banks based on their business activities, with sectors such as oil and gas, private prisons, and adult entertainment facing limited access.
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