President Donald Trump has sued JPMorgan Chase & Co. and its chief executive Jamie Dimon, seeking at least $5 billion in damages over allegations that the bank cut off financial services to him and his businesses for political reasons.
The lawsuit was filed Thursday in state court in Miami and accuses the country’s largest bank of trade libel and breaching its implied duty to act in good faith, Bloomberg reported.
Trump’s legal team also alleges that Dimon violated Florida’s deceptive trade practices statute by allowing politically motivated decisions to influence banking relationships.
JPMorgan rejected the claims, saying it does not terminate accounts based on political or religious beliefs.
The bank said decisions to end relationships are driven by legal, compliance, or regulatory risk, and argued that the lawsuit lacks merit.
A Broader Campaign Against 'Debanking'
The lawsuit fits into a wider effort by Trump to challenge what he has described as ideological discrimination within the U.S. financial system.
Over the past year, Trump has repeatedly accused large banks of denying services to customers whose political views fall outside the mainstream of corporate America.
JPMorgan disclosed in November that it was facing regulatory reviews and legal scrutiny connected to the Trump administration’s broader campaign against so-called “debanking.”
That push has framed the withdrawal of financial services as a systemic issue affecting businesses and individuals across the country.
In parallel, the Trump Organization has already filed a separate lawsuit against Capital One Financial Corp., alleging similar conduct.
Florida Law At The Center Of The Case
Trump’s attorneys argue that Florida law explicitly prohibits financial institutions from terminating banking relationships based on political speech, affiliations, or viewpoints.
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The complaint characterizes JPMorgan as a key player in what it calls a growing national controversy over access to basic financial services.
“Debanking is a matter of public interest and significant importance to consumers and businesses across the United States,” the filing states, portraying JPMorgan’s actions as emblematic of a larger problem rather than an isolated dispute.
The lawsuit was not immediately available in public court records, and the White House did not respond to requests for comment.
JPMorgan Defends Its Practices
In a statement, JPMorgan said it closes accounts only when required to manage legal or regulatory exposure, adding that such decisions are often compelled by existing rules rather than political considerations.
The bank also reiterated that it has urged both the current and previous administrations to revise regulations that, in its view, force banks into difficult decisions.
JPMorgan said it supports efforts to prevent the “weaponization” of the financial system, a phrase that has increasingly appeared in political debates over banking access.
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