Trump Sues for $5 Billion Over "Political Debanking"
President claims the bank "blacklisted" him and his family following Jan 6th, citing "woke" corporate policies.
President Donald Trump has filed a massive $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, accusing the banking giant of terminating his accounts due to "political and social motivations."
The complaint, filed Thursday in a Miami state court by attorney Alejandro Brito, targets the bank’s actions in early 2021. It alleges that JPMorgan violated its own code of conduct by "unilaterally, and without warning or remedy, terminating several of Plaintiff’s bank accounts."
According to the lawsuit, the relationship between Trump and JPMorgan, which had involved "hundreds of millions of dollars" in transactions, was severed on February 19, 2021. The bank allegedly notified Trump and his companies that their accounts would be closed by April 19, 2021, without providing "recourse, remedy, or alternative."
The filing argues that this decision was driven by "unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views."
Perhaps the most damaging allegation in the suit is that JPMorgan placed Trump, his family, and the Trump Organization on an internal "blacklist" accessible by other federally regulated banks.
"JPMC’s publication of President Trump... on this blacklist, is an intentional and malicious falsehood", claims the lawsuit which argues this was an "unfair and deceptive trade practice" designed to induce other institutions to deny the President banking services.
In a statement, JPMorgan denied acting on political bias, attributing account closures to "rules and regulatory expectations" that create legal risk. "We regret having to do so but often rules and regulatory expectations lead us to do so," the bank stated, adding that they support the Administration's efforts to prevent the "weaponization of the banking sector."
This lawsuit follows a broader push by the Trump administration to crack down on politically motivated financial exclusion.
On august 2025 Trump issued an executive order ensuring banks cannot refuse services based on political or religious beliefs.