US President Donald Trump has filed a lawsuit in a Florida state court accusing JPMorgan of unlawfully closing accounts linked to him and his businesses.
The complaint was lodged in Miami-Dade County and seeks $5bn in damages from JPMorgan and its chief executive Jamie Dimon, according to a Bloomberg report.
Trump alleged the bank terminated the accounts “without warning or provocation” following the January 6, 2021, attack on the US Capitol.
The lawsuit accused JPMorgan of trade libel and breach of the implied covenant of good faith.
Dimon was also accused of violating Florida’s deceptive trade practices law.
“The lawsuit has no merit and JPMorgan does not close accounts for political or religious reasons,”
A JPMorgan spokesperson said.
Trump has claimed the Capitol attack was justified, arguing the 2020 US presidential election was “rigged,” which he lost to Joe Biden.
Dimon has previously rejected similar allegations, saying:
“We debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason.”
In August, Trump signed an executive order directing US regulators to investigate what he described as politicised or unlawful debanking practices.
Republican lawmakers have also pushed for legislation to address debanking concerns, particularly those affecting the crypto industry.
Industry figures have labelled the alleged actions “Operation Chokepoint 2.0,” claiming coordinated efforts to restrict banking access for digital asset firms.