Lawsuit filed in Florida claims the largest U.S. bank shut accounts to further a political agenda; JPMorgan rejects allegations, says case has no merit.
U.S. President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase & Co. and its chief executive, Jamie Dimon, accusing the bank of unlawfully “debanking” him and his businesses for political reasons.
The lawsuit, filed in a Florida state court in Miami-Dade County, alleges that JPMorgan violated its own internal policies by closing multiple accounts linked to Trump and his hospitality companies to align with what it described as a prevailing “political tide.”
Trump further accused Dimon of directing a malicious “blacklist” to warn other financial institutions against doing business with him, the Trump Organization and members of his family, causing reputational damage and forcing them to seek alternative banking relationships.
JPMorgan strongly denied the claims, saying it does not close accounts for political or religious reasons. “While we regret President Trump has sued us, we believe the suit has no merit,” the bank said, adding that account closures occur only when relationships pose legal or regulatory risks.
The lawsuit comes amid intensifying political scrutiny of large U.S. banks during Trump’s second term. The president has previously accused other lenders, including Bank of America, of debanking conservatives, allegations the banks have denied. Trump has also stirred industry backlash by proposing a 10 per cent cap on credit card interest rates.
Dimon, speaking recently at the World Economic Forum, warned that such a cap would restrict access to credit and could amount to an “economic disaster,” even as banking executives broadly welcomed the administration’s push for deregulation.
In a related development, Capital One Financial is seeking to dismiss a similar lawsuit filed last year by Trump-linked plaintiffs, including Eric Trump; that case remains pending.
Banks have faced mounting political pressure over claims of discrimination against certain clients and industries. In December, the Office of the Comptroller of the Currency said in a report that the largest U.S. banks have restricted financial services to certain sectors as part of risk-management practices.
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