Catenaa, Thursday, January 22, 2026- US President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its chief executive Jamie Dimon, alleging the bank improperly closed multiple accounts tied to him and his businesses for political reasons, news reports said.
The filing docket can bee accessed here.
The lawsuit, filed Thursday in a Florida state court in Miami-Dade County, accuses the largest US bank of violating its own internal policies by terminating accounts linked to Trump, his hospitality companies and related entities in early 2021.
The complaint claims the closures caused financial disruption and reputational harm and were motivated by what it describes as prevailing political sentiment at the time.
JPMorgan said the lawsuit lacks merit and denied closing accounts based on political or religious considerations. The bank said it closes accounts that present legal or regulatory risk and expressed regret when such actions are required under existing rules and supervisory expectations.
“While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for, Morgan said in a statement a while ago.
“Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so,” it said.
“We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support this Administration’s efforts to prevent the weaponization of the banking sector,” the statement said.
The case places renewed attention on the issue of debanking, a term used to describe banks limiting or ending relationships with customers or industries viewed as higher risk.
The practice has drawn criticism from parts of the crypto industry, firearms groups, fossil fuel companies and some conservative lawmakers, who argue financial institutions have acted based on political or social pressure.
Debanking scrutiny has intensified during Trump’s second term, with the administration pressing regulators to curb the use of reputational risk in bank supervision.
Federal banking regulators last year said they would no longer assess institutions based on reputational considerations, which banks have long described as subjective.
The Office of the Comptroller of the Currency has reported that large banks restricted services to certain industries between 2020 and 2023, though it did not cite specific violations. JPMorgan shares ended Thursday slightly higher.
Bloomberg;s report can be seen here.
Legal Note: As this is an ongoing matter involving the executive branch and a private corporation, some specific appendices may be redacted in public versions until they are formally entered into the court record (PACER). For the court-filed version, you would typically use a PACER account to search the Southern District of New York (SDNY) filings. The filing will apprear later in these sites.
Official Document Repository URLs:
The White House Briefing Room: https://www.whitehouse.gov/briefing-room/
DOJ News & Filings: https://www.justice.gov/news
DOJ FOIA Library (Recent Filings): https://www.justice.gov/oip/foia-library
