President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and its chief executive Jamie Dimon on January 22, alleging the nation's largest bank closed his accounts for political reasons in the aftermath of the January 6, 2021, Capitol riot. The suit, filed in Florida state court in Miami, marks the latest in a series of legal actions Trump has pursued against major institutions since returning to office.

Trump's attorney, Alejandro Brito, filed the complaint on behalf of the president and several of his hospitality companies, accusing JPMorgan of severing a decades-long banking relationship without warning or recourse. The lawsuit alleges that the bank's decision was driven by "political and social motivations" and its "'woke' beliefs that it needed to distance itself from President Trump and his conservative political views."

JPMorgan dismissed the allegations. "While we regret President Trump has sued us, we believe the suit has no merit," a bank spokesperson said. "We respect the President's right to sue us and our right to defend ourselves—that's what courts are for."

The Account Closures

The lawsuit centers on events that began on February 19, 2021, when JPMorgan notified Trump and his affiliated entities that several of their accounts would be closed within two months. Trump and his businesses had "transacted hundreds of millions of dollars" through the bank over the course of their relationship, the complaint states.

The suit alleges JPMorgan provided no explanation for its decision and offered no alternative arrangements. "JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal," the filing states.

Trump has previously recounted his experience with the bank in public remarks. In an interview last year, Trump said JPMorgan gave him 20 days to move his assets. "I said, 'You got to be kidding. I've been with you for 35, 40 years,'" he recalled.

The lawsuit further alleges that JPMorgan placed Trump, his family, the Trump Organization, and affiliated entities on a "blacklist" accessible by other federally regulated banks, effectively preventing them from establishing new banking relationships elsewhere.

"Given that Plaintiffs have always complied with all applicable banking rules and regulations and their wealth management accounts were in good standing, JPMC's publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the Trump family's names on this blacklist, is an intentional and malicious falsehood," the lawsuit states.

JPMorgan's Response

JPMorgan maintained that it does not close accounts based on political or religious beliefs. The bank attributed such closures to legal and regulatory considerations rather than ideological factors.

"JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company," the bank said in a statement. "We regret having to do so, but often rules and regulatory expectations lead us to do so."

The bank noted that it has urged both the current and previous administrations to reform the rules that necessitate such decisions. "We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration's efforts to prevent the weaponization of the banking sector," the statement continued.

The lawsuit cites JPMorgan's own code of conduct, which states the bank sets "high expectations" and does "the right thing—not necessarily the easy or expedient thing." Brito argues the bank violated these stated principles by terminating the accounts without warning.

Legal Claims and Broader Context

The complaint accuses JPMorgan of trade libel and breach of the implied covenant of good faith and fair dealing. It also alleges that Dimon personally violated the Florida Unfair and Deceptive Trade Practices Act.

Trump telegraphed the lawsuit in a January 17 Truth Social post, writing that he would sue JPMorgan Chase "for incorrectly and inappropriately DEBANKING me after the Jan. 6 Protest."

This is not Trump's first legal action against a major bank over similar allegations. The Trump Organization sued Capital One in March 2025 over claims of improper account closures. Capital One has said those allegations have no merit. That case remains in litigation.

The practice known as "debanking"—when financial institutions close customer accounts or refuse services—has become a politically charged issue in recent years. Conservative figures and organizations have alleged that banks have discriminated against them based on their political views, while banks and their industry groups maintain that account closures are driven by legal and regulatory compliance requirements rather than ideological considerations.

In August 2025, Trump signed an executive order directing banks to ensure they do not withhold financial services from clients based on political or religious beliefs. A watchdog report in December found that nine large U.S. banks had maintained policies restricting certain industry sectors' access to banking services between 2020 and 2023, with many restrictions "based primarily on how it might appear to the public" if the banks served those sectors.

Escalating Tensions

The lawsuit arrives amid broader friction between Trump and Wall Street, particularly JPMorgan. The president has proposed capping credit card interest rates at 10 percent, a measure bank executives have warned could restrict consumer access to credit. JPMorgan, one of the largest credit card issuers in the country, has signaled it would oppose such a cap.

Dimon has also criticized certain administration policies. At the World Economic Forum in Davos on January 21, he expressed concern about Trump's immigration enforcement tactics. "I don't like what I'm seeing," Dimon told attendees. He has also warned that a Justice Department investigation into Federal Reserve Chair Jerome Powell risks undermining central bank independence.

Trump dismissed a recent Wall Street Journal report claiming he had offered Dimon the position of Federal Reserve chairman, calling it "totally untrue."

The lawsuit adds to Trump's expanding portfolio of legal actions against institutions ranging from media outlets to technology platforms. Several of those cases have resulted in settlements, including agreements with Paramount, Disney's ABC News, YouTube, and Meta, though none involved admissions of wrongdoing.

First Lady Melania Trump has also claimed she was denied banking services. "I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one," she wrote in her memoir.

Shares of JPMorgan were little changed following news of the lawsuit, rising approximately 1 percent during the January 22 trading session.