Trump sues JPMorgan in $5b ‘debanking’ battle over 2021 account closures
Trump filed a $5b lawsuit in Florida accusing JPMorgan and Jamie Dimon of politically motivated “debanking” after his accounts were closed in 2021, reviving concerns over bank power and crypto‑style de‑risking.
- rump and several LLCs allege JPMorgan shut multiple accounts in early 2021 for political reasons, claiming “debanking” driven by the post‑Jan. 6 climate.
- JPMorgan denies targeting customers for political or religious beliefs, saying closures follow legal, AML, and regulatory risk reviews, echoing prior denials to crypto firms.
- The case lands as a Cato report and crypto businesses warn most U.S. debanking stems from government pressure and opaque “de‑risking” rules that disproportionately hit high‑risk sectors.
U.S. President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, alleging the bank arbitrarily closed multiple accounts linked to him, according to CNBC reports.
The lawsuit, filed January 22 in Miami-Dade County Court in Florida, accuses JPMorgan Chase of terminating several bank accounts in February 2021 without warning or remedy, according to court documents.
The plaintiffs, which include limited liability companies operating in hospitality and golf sectors, allege the bank’s decision was motivated by political and social considerations.
“JPMorgan Chase engaged in debanking of their accounts because it believed the political climate at the time favored such a decision,” the complaint stated. The lawsuit centers on allegations of discrimination based on political views.
JPMorgan Chase denied the allegations in an official statement. “JPMorgan Chase does not close accounts for political or religious reasons,” the bank stated.
The bank said account closures occur when accounts pose legal or regulatory risks to the company, while expressing regret over the necessity of such actions. JPMorgan Chase added it has requested both current and previous administrations to change rules and regulations that compel such decisions.
The bank stated it supports Trump administration efforts to prevent politicization of the banking sector.
The legal dispute brings renewed attention to the practice known as debanking, where financial institutions close customer accounts, a practice that has drawn criticism from the cryptocurrency sector over concerns about arbitrary closures.
