President Donald Trump escalated his war against the U.S. financial establishment on Thursday, filing a $5 billion lawsuit against JPMorgan Chase & Co. (NYSE:JPM) and its chief executive, Jamie Dimon.
The complaint, filed in Miami-Dade County state court, alleges that the nation’s largest lender engaged in "politicized debanking" by abruptly terminating accounts belonging to Trump and his hospitality businesses in early 2021.
The lawsuit accuses the bank of trade libel, breach of the implied covenant of good faith, and violations of Florida’s Unfair and Deceptive Trade Practices Act.
According to the filing, JPMorgan notified the plaintiffs on February 19, 2021—roughly seven weeks after the Jan. 6 Capitol riot—that it would close multiple long-standing accounts within 60 days.
Trump’s legal team, led by attorney Alejandro Brito, argues the decision was a "unilateral" move driven by "unsubstantiated, ‘woke’ beliefs" rather than legitimate regulatory concerns.
JPMorgan has vigorously denied the allegations, stating the suit has "no merit."
In a public response, the bank maintained that it does not close accounts based on political or religious affiliations but rather to manage "legal or regulatory risk."
The bank also noted that it has repeatedly called on both the current and previous administrations to reform the "know your customer" and anti-money laundering rules that often force such closures.
A central claim in the 2026 complaint is that JPMorgan did not merely exit the relationship but placed the president, the Trump Organization, and several family members on an internal "blacklist."
The plaintiffs allege this move was intended to signal other federally regulated banks to avoid doing business with them, causing "significant financial and reputational harm."
The lawsuit is part of a wider effort by the second Trump administration to target "ideological" banking practices.
In August 2025, Trump signed the "Guaranteeing Fair Banking for All Americans" order, directing regulators to identify and penalize institutions engaging in unlawful debanking.
The Trump Organization also filed a similar suit against Capital One Financial Corp. in 2025 over the closure of more than 300 accounts.
The Office of the Comptroller of the Currency (OCC) released a preliminary report in December 2025 finding "early evidence" of improper service denials across nine major U.S. banks.
While Dimon has recently praised aspects of Trump’s economic policies, tensions have flared over immigration and the independence of the Federal Reserve.
This lawsuit marks the most direct legal confrontation between the White House and Wall Street’s most prominent leader since Trump’s return to office.