Trump Files $5 Billion Lawsuit Against JPMorgan Over 2021 Account Closures

TLDR

• President Donald Trump filed a $5 billion lawsuit against JPMorgan in Miami-Dade County court on Thursday
• The lawsuit claims JPMorgan terminated accounts connected to Trump and his businesses without warning in 2021
• Trump accuses the bank of trade libel, breach of good faith, and CEO Jamie Dimon of violating Florida’s deceptive trade practices law
• JPMorgan denies the claims and states it does not close accounts for political or religious reasons
• Trump signed an executive order in August targeting “politicized or unlawful debanking” practices

President Donald Trump filed a $5 billion lawsuit against JPMorgan on Thursday in Miami-Dade County state court. The complaint alleges the banking giant closed accounts connected to Trump and his businesses without warning in 2021.

The lawsuit targets both JPMorgan and its CEO Jamie Dimon. Trump claims the bank engaged in trade libel and breached the implied covenant of good faith. The complaint also accuses Dimon of violating Florida’s deceptive trade practices law.

JPMorgan responded to the lawsuit through a spokesperson. The bank stated the suit has no merit and defended its account closure practices. The spokesperson said JPMorgan does not close accounts for political or religious reasons.

The bank explained it closes accounts when they create legal or regulatory risk for the company. JPMorgan said rules and regulatory expectations often force these decisions. The bank has asked both current and previous administrations to change these rules.

Trump announced plans to sue JPMorgan on social media on January 17. He connected the account closures to the January 6, 2021 attack on the US Capitol by his supporters. Trump claimed the 2020 election was rigged, though he lost by 74 electoral votes to former President Joe Biden.

Debanking Claims in the Crypto Industry

The crypto industry has raised similar concerns about banking access. Many in the sector called these practices “Operation Chokepoint 2.0.” They claimed the US government orchestrated efforts to remove banking access for those involved in digital assets.

More than 30 tech and crypto executives went public with debanking claims in 2024. The movement gained momentum online throughout the year. Republican lawmakers have called for the Senate market structure bill to address the issue.

CEO Jamie Dimon previously denied debanking people for political or religious reasons. In December, he said the bank debanks people across political parties and religious groups. Dimon stated these decisions are never made for political or religious motivations.

Trump Administration Actions on Banking

Trump signed an executive order in August targeting politicized or unlawful debanking. The order directed US regulators to investigate claims and develop prevention measures. His appointed regulators have warned banks against activities that resemble debanking.

Comptroller of the Currency Jonathan Gould has spoken out against the practice. He warned banks to avoid any activities that could be considered debanking. This addresses concerns raised by the crypto industry over recent years.

Republican lawmakers pushed for investigations into debanking claims before Biden left office in January 2025. They focused on access to banking services for the crypto industry. Congress is considering measures to prevent future debanking in proposed legislation.

The complaint was not available on the court’s public docket at the time of publication. The lawsuit seeks $5 billion in damages from JPMorgan and Dimon.

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