Trump Filed a Lawsuit Against JPMorgan Chase And Its CEO Over Debanking
- Trump and companies affiliated with him demanded $5 billion from JPMorgan Chase.
- The bank is accused of unjustified account closures and refusing to provide services.
- Allegedly, the institution isolated Trump, his family, and associated individuals after the attempted storming of the Capitol by MAGA supporters.
U.S. President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon personally, accusing the institution of deliberate debanking. The politician asked the court to deem the firm’s actions unlawful and to award $5 billion in damages.
The lawsuit alleges the intentional denial of access to banking services for Trump and individuals affiliated with him. According to the plaintiffs, in February 2021, after the attempted takeover of the Capitol by the politician’s supporters, JPMorgan Chase closed several accounts without any apparent reason.
Trump believes this happened for political reasons and as a result of pressure on both his family and related organizations. In addition, Dimon’s public statements allegedly caused the president significant reputational damage.
Commenting on the lawsuit in Davos, Trump said he should not have done it. CNBC quoted him as saying:
JPMorgan Chase allegedly did not explain the account closures in any way. In a public statement, the bank denied that it happened for political reasons, citing federal rules and regulations in force at the time.
The organization also said it supports the current administration’s efforts to end the practice of weaponizing the banking sector.
The plaintiffs are asking the court to deem JPMorgan Chase’s actions unlawful and to award $5 billion in damages.
As a reminder, in August 2025, Trump signed an executive order banning the debanking of a number of organizations, including crypto companies. The latter faced deliberate isolation under the Biden administration, a practice known as Operation Choke Point 2.0.
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