President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, January 22, 2026. The lawsuit, filed in Florida state court in Miami, accuses the banking giant of closing his personal and business accounts for political reasons following the January 6, 2021, Capitol incident.Trump claims the bank's actions were driven by "political and social motivations" and "unsubstantiated, 'woke' beliefs" to distance itself from his conservative political views.[foxbusiness+4]
Accounts Closed After Capitol Events
Trump had been a JPMorgan customer for decades, with his affiliated entities transacting hundreds of millions of dollars through the bank.According to the lawsuit, the bank notified Trump and his businesses on February 19, 2021, that several accounts would close within 60 days. The accounts officially closed on April 19, 2021, allegedly without warning or provocation.Trump's legal team argues this sudden termination disrupted his companies' operations, cut off access to funds, and forced them into less favorable arrangements with other financial institutions.[foxbusiness+4]
The lawsuit alleges JPMorgan's decision to "debank" Trump and his businesses stemmed from a belief that the political climate favored such a move.Trump's attorney, Alejandro Brito, stated they are "confident that JPMC's unilateral decision came about as a result of political and social motivations."The complaint references JPMorgan's own code of conduct, which emphasizes integrity and ethical behavior, claiming the bank violated these principles.[aljazeera+3]
JPMorgan Denies Political Motivation
JPMorgan Chase has rejected Trump's accusations, stating the lawsuit "has no merit."A spokesperson for the bank said that JPMorgan "does not close accounts for political or religious reasons."Instead, the bank explained that it closes accounts when they "create legal or regulatory risk for the company."[foxbusiness+5]
The bank spokesperson added, "We regret having to do so but often rules and regulatory expectations lead us to do so."JPMorgan also indicated it has asked both the current and previous administrations to change regulations that put banks in this position.The bank supports efforts to prevent the "weaponization of the banking sector."[foxbusiness+2]
Allegations of a "Blacklist"
Beyond the direct closure of accounts, Trump's lawsuit makes a broader claim. It alleges that JPMorgan placed Trump and his affiliated entities on a "blacklist" of individuals and businesses with a history of "malfeasant acts" or non-compliance with banking rules.The lawsuit argues this list is accessible to other federally regulated banks, which Trump claims induced other financial institutions to refuse to do business with him or his companies.[courthousenews+3]
Trump's legal team contends that this alleged "blacklist" is part of a "systemic, subversive industry practice" designed to pressure the public into shifting their political views.The lawsuit claims Trump's accounts were always in good standing, suggesting the closures were solely politically motivated.[foxbusiness+2]
Broader "Debanking" Concerns
The lawsuit highlights a growing political issue known as "debanking," where financial institutions close customer accounts or deny services.This issue has gained traction among conservatives who argue that major banks and regulators have systematically cut off access to capital for political or ideological reasons.[aljazeera+3]
Trump previously sued Capital One in March 2025 with similar allegations after that bank also closed hundreds of his accounts in the summer of 2021.During his current term, President Trump signed an executive order in August 2025. This order prohibits banks from refusing services based on religious or political beliefs, directly addressing these "debanking" concerns.[heygotrade+2]
Legal Charges and Future Steps
The lawsuit seeks at least $5 billion in damages.Trump accuses JPMorgan of trade libel and unfair and deceptive trade practices.He also accuses CEO Jamie Dimon of violating Florida's Unfair and Deceptive Trade Practices Act.Trump's legal team is demanding a jury trial to hear the case.[washingtonpost+6]
This legal action marks an escalation in the ongoing tensions between the White House and the U.S. banking sector.It also contributes to a national debate over corporate power, political discrimination, and the limits of financial service provision.The outcome of this high-profile lawsuit could set important precedents for how banks operate and interact with customers, especially regarding political considerations.[heygotrade+2]
