Trump Sues JPMorgan Chase, CEO Jamie Dimon Over Alleged Political Account Closures

President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive, Jamie Dimon, accusing the bank of closing his accounts for political reasons.

According to court filings made public on Thursday, the lawsuit alleges that in early 2021 JPMorgan informed Trump and his businesses that several long-standing accounts would be shut down. The decision came shortly after the January 6 attack on the U.S. Capitol.

JPMorgan rejected the claims, saying the lawsuit is without merit and vowing to contest it in court.

The suit accuses the bank of making a “unilateral decision” to terminate Trump-related accounts based on what it describes as “unsubstantiated, ‘woke’ beliefs,” arguing that the bank acted because it believed political sentiment at the time favored such a move.

A spokesperson for JPMorgan, Trish Wexler, denied that the bank closes accounts for political or religious reasons.

“JPMorgan Chase does not close accounts for political or religious reasons. We close accounts when they pose legal or regulatory risk to the company,” Wexler said, adding that such decisions are often driven by compliance requirements. “We respect the President’s right to sue and our right to defend ourselves, that’s what courts are for.”

Trump had previously signaled legal action in a social media post last week, stating that he planned to sue JPMorgan for what he described as improper “debanking” following the January 6 protest.

The lawsuit comes amid broader public disagreements between Trump and Dimon. In recent days, Dimon criticized the administration’s scrutiny of Federal Reserve Chair Jerome Powell, warning that undermining the Fed’s independence could harm the economy. Speaking at the World Economic Forum in Davos, Dimon also opposed Trump’s proposal to cap credit card interest rates at 10%, saying such a move could restrict access to credit for the majority of Americans and trigger economic disruption.