Trump Sues JPMorgan Chase, Jamie Dimon Over Alleged Political Discrimination

U.S President seeks $5bn in damages, says bank closed accounts over political affiliation

United States President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its Chief Executive Officer, Jamie Dimon, alleging that the bank terminated his accounts in 2021 because of his political views.

Court documents cited by Reuters show that the suit was filed on Thursday at a Florida state court in Miami by Trump’s lawyer, Alejandro Brito, on behalf of the president and several of his hospitality businesses.

According to the lawsuit, JPMorgan informed Trump and his affiliated companies in February 2021 that their banking relationships would be terminated, providing 60 days’ notice before the account closures took effect.

The suit alleges that the bank failed to give a clear explanation for the decision. Trump and his businesses, it claims, later concluded that the move amounted to political discrimination against the president, the Trump Organization, its related entities, and members of the Trump family.

CNN reported that the filing argues the accounts were closed solely due to Trump’s political affiliations rather than any financial or regulatory concerns.

The lawsuit further claims that Trump personally contacted Jamie Dimon to intervene after receiving notice of the account closures. Dimon allegedly told Trump he would look into the matter but ultimately failed to follow up or reverse the decision.

Responding to the legal action, JPMorgan Chase told Reuters that it believes the lawsuit lacks merit and will contest the claims in court.

“While we regret that President Trump has chosen to sue us, we believe the suit has no merit,” the bank said. “We respect the President’s right to bring the case and our right to defend ourselves.”

JPMorgan added that it does not terminate customer relationships based on political or religious beliefs, stating that account closures are driven by legal and regulatory risk considerations.

“JPMC does not close accounts for political or religious reasons,” the bank said. “We do close accounts when they pose legal or regulatory risks to the firm. While we regret having to take such actions, regulatory expectations sometimes require it.”

The lawsuit comes amid broader scrutiny of so-called “debanking” practices in the U.S. financial sector. In December, a U.S. banking regulator disclosed that the country’s nine largest banks had previously imposed restrictions on providing financial services to certain controversial industries.