US President Donald Trump is suing JPMorgan and its Chief Executive Officer Jamie Dimon for $5 billion over debanking claims. The lawsuit alleges that the lender stopped offering Trump and his businesses banking services for political reasons.
The complaint was filed in Miami-Dade County state court on Thursday. Trump’s team accuses the bank of trade libel and breach of the implied covenant of good faith and fair dealing. It also says Dimon violated Florida’s deceptive trade practices law. Trump has singled out JPMorgan repeatedly in his push to stamp out what he sees as banks refusing to provide financial services to customers for ideological reasons.
Last week, Trump first revealed his plans to file a lawsuit against Dimon and JPMorgan, alleging debanking from the bank lender after the January 6th riots. “I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!”
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JPMorgan said in a response statement that the lawsuit “has no merit,” adding it does not close accounts for political or religious reasons but does close them “because they create legal or regulatory risk for the company.” “We regret having to do so, but often rules and regulatory expectations lead us to do so,” the bank added.
Furthermore, JPMorgan isn’t the only major bank player to receive a lawsuit from the current US President. The Trump Organization and Eric Trump, the president’s second son, sued Capital One last year for “debanking” them, accusing the lender of denying financial services for “political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs.” The case is still ongoing. Trump has also accused Bank of America of politically targeted “debanking,” but has not brought a formal lawsuit against the lender.
JPM investors appeared little fazed after the Trump lawsuit against JPMorgan was filed. Shares in the stock rose a half percent on Thursday, but are still down over 6% in 2026 so far.
