President Donald Trump has initiated a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, seeking at least $5 billion in damages. The legal action, filed in Miami-Dade County, alleges that the bank unlawfully terminated Trump’s banking relationships for politically motivated reasons following the January 6 protests in 2021.
In the complaint, Trump contends that JPMorgan’s actions constitute trade libel and violate Florida's Unfair and Deceptive Trade Practices Act. He claims that after leaving the White House, Trump and his businesses were notified that their accounts would be closed, with the termination set for April 19, 2021. Trump asserts that no justification for this decision was provided and that he personally contacted Dimon to express his concerns, but he allegedly received no follow-up.
The lawsuit indicates that the decision to close Trump’s accounts has inflicted significant financial and reputational harm on him and his affiliated entities, including various golf clubs. Additionally, Trump’s legal team alleges that JPMorgan placed him and his businesses on a "blacklist," which purportedly led other banks to refuse services to Trump.
JPMorgan has previously stated that it does not close accounts for political reasons. The bank has not issued a response to the lawsuit as of the time of this report.
This legal pursuit aligns with Trump’s ongoing narrative regarding alleged political discrimination by financial institutions. In recent months, he has voiced concerns about banks denying services to conservative individuals and has called for regulatory changes related to "debanking." Trump's claims and actions follow similar lawsuits he has filed against other financial institutions over comparable issues.