US President Donald Trump has filed a civil lawsuit against JPMorgan Chase & Co (NYSE:JPM, XETRA:CMC) and its CEO, Jamie Dimon, claiming the bank cut off his access to banking services for political reasons after the events of January 6, 2021, when protesters stormed the US Capitol.
The lawsuit, filed in Miami-Dade County, Florida, is seeking at least $5 billion in damages. It alleges JPMorgan closed multiple accounts tied to Trump and his businesses in early 2021, ending what Trump describes as a long-standing relationship. Trump’s complaint argues the account closures were based on “political and social” motives, not business reasons.
He alleges that the bank acted on “unsubstantiated, ‘woke’ beliefs” and discriminated against him because of his views.
The lawsuit also claims that JPMorgan placed Trump, his companies, and possibly family members on an internal “blacklist” meant to flag people as risky or linked to wrongdoing. Trump says this is false and has damaged his reputation.
The filing claims that the account closures and alleged blacklisting caused serious financial disruption. Trump claims he lost access to large amounts of money, faced difficulties running his businesses, and had to quickly open new accounts elsewhere.
Further, Trump’s legal team is accusing JPMorgan of defamation, trade libel, and breaking the implied promise of good faith in their business relationship. The suit also claims the bank violated Florida’s unfair and deceptive practices law.
JPMorgan has denied the claims, saying the lawsuit has no merit. The bank said that it does not close accounts for political or religious reasons, but for legal, regulatory, or risk-management reasons.
“While we regret President Trump has sued us, we believe the suit has no merit,” JPMorgan said in a statement.
A spokesperson added that JPMorgan plans to defend itself and has pushed for regulatory changes to reduce situations where banks feel forced to drop customers.
Shares of JPMorgan traded down 1.8% at about $298 on Friday morning.