Trump Sues JPMorgan And CEO Jamie Dimon For $5 Billion Over Alleged ‘Political’ Debanking

President Donald Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the banking giant debanked him for political reasons. 

The lawsuit was filed Thursday morning in a Miami state court by his attorney, Alejandro Brito, on behalf of Trump and several of his hospitality companies. 

The complaint cites JPMorgan’s code of conduct, which reads: “We set high expectations and hold ourselves accountable. We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior.”

According to Brito, “Despite claiming to hold these principles dear, JPMC violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts.“

Trump and his companies have “transacted hundreds of millions of dollars” through the bank, the lawsuit reads, adding that Feb. 19, 2021 was the day that “forever altered the dynamic of the parties’ relationship,” when the bank allegedly “without warning or provocation,” notified Trump and his companies that several of their bank accounts or were beneficiaries of, “would be closed just two months later, on April 19, 2021.”

“JPMC did not provide plaintiffs with any recourse, remedy, or alternative—its decision was final and unequivocal,” reads the suit. 

JPMorgan Responds

In a statement following the filing of the suit, the bank blamed “rules and regulatory expectations.”

“We do close accounts because they create legal or regulatory risk for the company,” adding “We regret having to do so but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector.”

According to Trump’s attorney, his team is “confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”

“In essence, JPMC debunked plaintiff’s accounts because it believed that the political tide at the moment favored doing so,” reads the complaint. “In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution.”

Trump’s attorney alleged that, “JPMC’s conduct, in violation of its code of conduct and Dimon’s lofty assertions, is a key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”

The lawsuit goes on to allege that JPMorgan Chase and Dimon have “unlawfully and unjustifiably published some or all of their names, including the names of President Trump, the Trump Organization with its affiliated entities, and the Trump family, on a blacklist.” -Fox News

According to the lawsuit, the JPMorgan blacklist is accessible by federally regulated banks and is comprised of individuals and entities that are not to be served. 

“Given that Plaintiffs have always complied with all applicable banking rules and regulations and their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the Trump family’s names on this blacklist, is an intentional and malicious falsehood,” reads the lawsuit, which claims that the bank engaged in “an unfair and deceptive trade practice” by directing the publication of the names to the list, noting that the bank “had no legitimate basis to do so and knew that doing so would induce, and did in fact induce, other banking institutions not to deal with them.”

Trump Announcement

Over the weekend, Trump quashed a WSJ article claiming that he offered JPM’s Jamie Dimon the job of Fed Chairman, which he said was “totally untrue, there was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest…” 

In response, a JPMorgan spokeswoman, Trish Wexler, told media outlets that the bank does not “close accounts because of political beliefs.”

As the Epoch Times noted over the weekend, in August 2025, Trump issued an executive order to ensure that banks cannot refuse services to individuals based on their political or religious beliefs, a practice known as “debanking.” A watchdog in December found that nine large U.S. banks actively engaged in the practice between 2020 and 2025.

“To date, the [Office of the Comptroller of the Currency] has observed that between 2020 and 2023, the banks maintained public and nonpublic policies restricting certain industry sectors’ access to banking services,” the report reads. “Many industry sectors were restricted based primarily on how it might appear to the public if the bank provided access to financial services to these sectors.”

Advocates against debanking have cited cases of Christians and conservatives who have stated that they have been victims of the practice by major financial institutions, including claims from the Indigenous Advance Ministries, former Sen. Sam Brownback (R-Kan.), and Trump himself, among many others. First Lady Melania Trump, in her memoir “Melania,” wrote that she, too, was denied banking services.

“I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one,” she wrote in her book.

When issuing the order over the summer, the White House said banks could face fines, consent decrees, or other punitive actions if they continue to remove financial access for certain individuals.