On Thursday (January 22), local time, U.S. President Donald Trump filed a lawsuit against JPMorgan Chase (JPM) and its CEO, Jamie Dimon, seeking at least $5 billion in damages. The lawsuit alleges that the bank ceased providing banking services to him and his businesses for political reasons.
The lawsuit was filed Thursday in the state court of Miami-Dade County, Florida. In the complaint, Trump accuses JPMorgan Chase of commercial disparagement and breach of the implied covenant of good faith and fair dealing. Additionally, the suit claims that Dimon violated the Florida Deceptive and Unfair Trade Practices Act.
JPMorgan Chase closed the bank accounts of Trump and his related entities in early 2021, following the January 6 Capitol riot involving his supporters—an event that also led several social media platforms to ban Trump’s accounts.
The complaint states that while JPMorgan did not disclose the specific reasons for terminating the accounts, the plaintiffs later learned the closures were due to “political discrimination against President Trump, The Trump Organization, its affiliated entities, and/or the Trump family.”
However, the complaint does not provide specific details regarding the information the plaintiffs obtained to support these allegations.
Trump and the other plaintiffs in the case—all business entities associated with him—are seeking at least $5 billion in civil damages.
JPMorgan’s Response and Context
JPMorgan Chase denied on Thursday that it closed Trump’s accounts for political reasons. The bank stated that the move was rooted in requirements under federal law and regulatory rules—rules that the bank has consistently sought to modify during both the current and previous administrations.
Trump has been actively campaigning against what he calls “debanking,” frequently naming JPMorgan Chase as he argues that some banks refuse financial services to specific customers based on ideological reasons.
In November of last year, JPMorgan disclosed that it was facing audits, investigations, and legal proceedings related to the Trump administration’s crackdown on “debanking” practices.
It is reported that The Trump Organization has previously filed a lawsuit against Capital One Financial Corp. involving similar allegations.
According to media reports, Jamie Dimon had been working to repair his fractured relationship with Trump. However, that relationship is at risk of deteriorating again due to controversies surrounding Federal Reserve Chair Jerome Powell.
Notably, Dimon criticized Trump at the World Economic Forum in Davos, Switzerland, on Wednesday, stating that he disagreed with Trump’s handling of immigration issues.