MIAMI, Fla. (Diya TV) — President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, accusing the nation’s largest bank of dropping him as a client for political reasons. The lawsuit adds to Trump’s growing list of legal battles against institutions and individuals he says targeted him unfairly after his first term.
The lawsuit, filed in Florida state court, claims JPMorgan Chase closed Trump’s personal and business accounts in 2021 without proper justification. The bank gave Trump and his companies 60 days’ notice before shutting down the accounts, according to the complaint.
Trump argues the bank acted because of political bias. He says JPMorgan punished him, his family, and his businesses due to his conservative views and public profile. The lawsuit claims the bank placed Trump and related entities on a “blacklist,” which blocked them from opening wealth management accounts. Trump also alleges that this blacklist discouraged other banks from working with him. The suit says that the decision caused serious financial and reputational harm.
The complaint names JPMorgan CEO Jamie Dimon as a defendant. It claims Dimon authorized the alleged blacklist. Trump says he contacted Dimon directly after learning of the account closures. According to the lawsuit, Dimon promised to look into the matter. Trump says Dimon never followed up. The complaint describes that silence as proof of improper conduct at the highest level of the bank.
JPMorgan Chase strongly denied the allegations. The bank says it does not close accounts for political or religious reasons. Trish Wexler, a JPMorgan spokesperson, called the lawsuit meritless and said the bank will fight it in court.
Wexler said the bank closes accounts only when they create legal or regulatory risk. She added that federal rules often force banks to end certain relationships. JPMorgan has urged both current and past administrations to reform banking regulations that place firms in difficult positions. The bank also said it supports efforts to prevent what it calls the “weaponization” of the financial system.
The lawsuit fits a broader pattern of legal actions by Trump. He has sued several media organizations in recent years, including CBS, The New York Times, The Wall Street Journal, and the BBC. Many of those cases seek damages in the billions. Trump has long accused major banks of targeting conservatives through so-called debanking. He has said banks deny services to clients based on political beliefs rather than financial risk.
The lawsuit comes just one day after Dimon criticized a Trump policy proposal at the World Economic Forum in Davos, Switzerland. Dimon said Trump’s plan to cap credit card interest rates at 10% would harm the economy. He warned that the proposal could cut many Americans off from credit. That timing has drawn attention, though the lawsuit focuses on events from 2021.
Legal and banking experts have cast doubt on Trump’s claims. Peter Conti-Brown, a professor at the University of Pennsylvania’s Wharton School, said the lawsuit lacks merit. He argued that banks have the right to avoid clients they view as financial risks. Conti-Brown said Trump’s history of business disputes and unpaid debts gives banks reason to act cautiously. He said no bank should face pressure to keep a risky client.
Jeremy Kress, a University of Michigan business law professor, also called the lawsuit unusual. He noted the irony of Trump suing JPMorgan while his appointed regulators move to ease oversight of large banks.
Trump has accused JPMorgan and Bank of America of rejecting his business after his first term. Last year in Davos, he publicly criticized Bank of America CEO Brian Moynihan. He urged banks to stop excluding conservatives. Bank of America has denied using political criteria. A spokesperson said the bank serves millions of clients across the political spectrum.
Trump later signed an executive order aimed at penalizing banks that restrict services based on political or religious beliefs. Still, U.S. law does not guarantee access to a bank account. The case now heads to court, where judges will weigh claims of political discrimination against banks’ rights to manage risk.
