Trump Files $5 Billion Lawsuit Against JPMorgan Over Politically Motivated Account Closures
Former President Donald Trump has launched a $5 billion lawsuit against JPMorgan Chase, alongside its CEO Jamie Dimon. This legal action stems from allegations that the banking institution closed Trump’s accounts for politically motivated reasons. The lawsuit was officially filed in the Miami-Dade County court in Florida on January 21, 2026.
Details of the Lawsuit
According to the lawsuit, JPMorgan abruptly terminated multiple accounts belonging to Trump and his businesses in February 2021. The closing of these accounts reportedly occurred with just 60 days’ notice and no explanation provided.
- Date of Lawsuit Filed: January 21, 2026
- Location: Miami-Dade County, Florida
- Amount of Lawsuit: $5 billion
Claims Made by Trump
Trump’s legal team argues that the bank’s actions cut off access to millions of dollars. This disruption forced him and his businesses to seek alternative banking solutions. The lawsuit claims that JPMorgan’s decision was influenced by the prevailing political climate following Trump’s departure from office in January 2021.
What is Debanking?
Debanking refers to the practice where a financial institution closes customer accounts or refuses to offer services like loans due to perceived risks. Trump and other conservative figures have raised concerns that this practice has been politically motivated, especially since the events surrounding the January 6, 2021, Capitol riot.
Background Context
This issue of debanking gained prominence when conservative advocates accused previous administrations, notably Obama’s, of indirectly coercing banks to limit services to specific sectors, such as gun stores. Trump’s attorneys claim that JPMorgan engaged in a systemic practice of “reputational risk” retribution against politically affiliated individuals.
Bank’s Response
In response to the lawsuit, JPMorgan issued a statement expressing regret over the legal action but firmly denied any political motivations behind closing the accounts. A spokesperson for the bank stated, “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”
Legal Implications
The lawsuit also includes allegations of trade libel against JPMorgan, with claims that Dimon violated Florida’s Unfair and Deceptive Trade Practices Act. Trump’s legal strategies seek to highlight what they view as an attempt by the banking sector to influence political views through financial means.
As this case unfolds, it will likely attract significant media attention, spotlighting the intersection of finance and politics.
