Donald Trump has sued JPMorgan Chase for $5 billion, alleging the bank illegally closed his accounts for political reasons following the 2021 Capitol riot.
Donald Trump has launched a $5 billion (£3.7 billion) lawsuit against JPMorgan Chase, the largest bank in the United States, accusing it of unlawfully shutting down his personal and business accounts because of his political views. The legal action, which also names the bank’s long-serving chief executive Jamie Dimon, claims that the closure of the accounts in 2021 caused Trump and his companies significant financial losses as well as lasting reputational damage.
JPMorgan took the decision to terminate the relationship in the aftermath of the 6 January 2021 attack on the US Capitol, when supporters of Trump sought to disrupt the formal certification of the presidential election result. At the time, a number of major corporations distanced themselves from the former president following the unrest in Washington.
Responding to the lawsuit, a spokesperson for JPMorgan Chase said the claims were unfounded, stressing that the bank does not close accounts on the basis of political or religious beliefs. The spokesperson added that accounts are instead terminated when they pose legal or regulatory risks to the institution.
The case represents the latest confrontation between Trump and Dimon, who has led JPMorgan for around 20 years and has recently criticised several aspects of the administration’s agenda, including proposals to cap credit card charges, its approach to immigration, and its stance towards the Federal Reserve.
The complaint was filed in Florida, a state whose laws prohibit banks from discriminating against customers on the basis of political opinion. In the filing, a copy of which was obtained by the BBC’s US partner CBS News, Trump argues that JPMorgan’s actions reflect a broader, covert practice within the financial industry aimed at pressuring individuals to alter or suppress their political beliefs.
The lawsuit alleges that the account closures were driven by what it describes as unsubstantiated and ideologically motivated views that the bank needed to distance itself from Trump and his conservative positions. It claims that JPMorgan acted on the assumption that the prevailing political climate made such a move advantageous.
Trump further accuses the bank of trade libel, alleging that it placed his name, along with those of his businesses and family members, on a so-called blacklist shared with other financial institutions. According to the filing, this list was intended to flag individuals with alleged histories of wrongdoing and the decision to add Trump was approved by Dimon himself.
JPMorgan said it regretted having to close accounts but maintained that such decisions are often driven by regulatory requirements and compliance obligations. The bank added that it has repeatedly urged both the current and previous administrations to amend the rules that, in its view, force banks into these situations, and said it supports efforts to prevent the politicisation of the financial system.
The issue of so-called debanking has become a central theme for Trump, who has publicly criticised JPMorgan and other lenders for the practice and ordered a review of their conduct. Last month, regulators reported that nine of the largest US banks had made inappropriate distinctions between customers based on the nature of their businesses, with industries such as oil and gas, private prisons and adult entertainment facing restricted access to banking services.
