US President Donald Trump has filed a $5bn lawsuit against JPMorgan Chase and its chief executive Jamie Dimon, alleging the bank shut his accounts and those of his businesses to pursue a political agenda.
The case was lodged in a Florida state court in Miami-Dade County.
It claims the largest US bank breached its own internal rules by allegedly targeting Trump to align with what the filing describes as the prevailing “political tide.”
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“While we regret President Trump has sued us, we believe the suit has no merit,” JPMorgan said. “We respect the President’s right to sue us and our right to defend ourselves.”
Trump alleges JPMorgan “unilaterally” closed accounts held by him and his hospitality ventures in a way that ran contrary to the bank’s stated principles.
He further claims Dimon ordered the creation of a malicious “blacklist” to warn other banks about dealing with the Trump Organization, Trump family members and Trump himself.
“Plaintiffs also suffered extensive reputational harm by being forced to reach out to other financial institutions in an effort to move their funds and accounts, making it clear that they had been debanked,” the lawsuit states.
In its response, JPMorgan said it closes accounts that pose legal or regulatory risk.
“We regret having to do so but often rules and regulatory expectations lead us to do so,” the bank said.
Trump has levelled similar accusations at other large lenders, including Bank of America, over alleged “debanking” practices.
He has also recently provoked pushback from the financial sector by calling for a 10% cap on credit card interest rates.
At the World Economic Forum this week, Dimon, who has led JPMorgan for roughly two decades, said such a cap would restrict access to credit for many consumers and amount to an “economic disaster.”
This is not Trump’s first legal action against a major financial institution over alleged account closures.
In March 2025, the Trump Organization sued credit card company Capital One on similar grounds. That case is still moving through the court system.
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