President Donald Trump launched a major legal battle against JPMorgan Chase and its CEO Jamie Dimon. He claims the bank closed his accounts for political reasons. This move highlights ongoing tensions between Trump and big banks.
The Lawsuit Filing
Trump filed the lawsuit on January 22, 2026, in Miami-Dade County court in Florida. He seeks $5 billion in damages. The suit targets the bank’s actions after the January 6, 2021, Capitol events. Additionally, Trump includes his businesses as plaintiffs. They argue the closures caused financial harm and disrupted operations.
Background of Account Closures
JPMorgan notified Trump in early 2021 about closing multiple accounts. The bank gave 60 days’ notice but offered no clear reason at first. Trump had banked there for decades.
However the timing followed Trump’s election loss and the Capitol riot. This raised questions about political motives. Trump sues JPMorgan, Jamie Dimon over alleged ‘debanking’
Key Allegations
Trump accuses the bank of debanking him due to “woke” beliefs and conservative views. He claims Dimon authorized a blacklist that warned other banks away.
Furthermore, the suit charges breach of good faith, libel, and unfair trade practices. Trump says this harmed his reputation and forced urgent moves to new banks. As a result, he links this to broader discrimination against conservatives in finance.
Bank’s Defense
JPMorgan denies any political basis for the closures. The bank states it acts on legal and regulatory risks only. It regrets the lawsuit but calls it meritless.
Meanwhile Dimon has spoken on related issues. He opposes policies that limit credit access. The bank cooperates with government probes into debanking practices.
Potential Implications
This case could spotlight debanking debates. Conservatives push against banks’ environmental and social policies.
If Trump wins, it might change how banks handle high profile clients. However experts doubt quick resolution. In conclusion, the suit escalates clashes between Trump and Wall Street leaders.
