Donald Trump has filed a lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, seeking at least $5 billion in damages. The lawsuit, filed in Florida state court in Miami-Dade County on Thursday, alleges that the bank closed Trump's accounts in 2021 due to "political and social motivations". Trump claims that JPMorgan Chase's actions, which he describes as "debanking," caused "considerable financial harm and losses" to him and his hospitality companies.
The lawsuit claims that JPMorgan Chase terminated several of Trump's accounts without warning or remedy, violating its own policies. Trump alleges that the bank "unabashedly" boasted for 225 years about serving customers with respect and upholding its core values, but violated these principles by unilaterally closing his accounts. The suit further accuses JPMorgan Chase of blacklisting Trump, his family, and businesses, urging other financial institutions not to conduct business with them. This, according to the lawsuit, forced the Trumps to accept a "limited menu of options and less advantageous terms" at other banks. Trump's legal team accuses Dimon of violating Florida's unfair and deceptive trade practices act.
"Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America – and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga," according to the complaint. Trump's personal lawyer, Alejandro Brito, stated that the debanking had a "devastating impact" on Trump's ability to transact and access assets, causing "extensive reputational harm".
JPMorgan Chase has responded to the lawsuit, stating that it believes the suit has no merit. A spokesperson for the bank said, "While we regret President Trump has sued us, we respect the president's right to sue us and our right to defend ourselves – that's what courts are for". The bank added, "JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so".
This lawsuit follows Trump's previous accusations against Bank of America for allegedly debanking conservatives and a similar lawsuit against Capital One over debanking allegations tied to the January 6, 2021, Capitol riot. The White House has stated it will refer the matter to the president's outside counsel. Shares in JP Morgan slipped slightly after the filing was first reported. They closed up 0.4% late in New York.
