Trump angrily sues JPMorgan Chase for $5 billion! President's bank account closure sparks a century-long lawsuit

President Trump of the United States has filed a lawsuit in a Florida court against JPMorgan Chase and CEO Jamie Dimon, claiming $5 billion in damages, accusing the bank of “terminating his account without any warning or provocation.” The lawsuit alleges commercial defamation and breach of good faith and fair dealing, and accuses Dimon of violating Florida’s Deceptive Trade Practices Act. This case comes weeks after the 2021 Capitol Hill events and just days after Trump threatened to sue the bank on social media.

Core Allegations of the $5 Billion Damages Lawsuit

Trump has made several serious allegations against JPMorgan Chase. The central argument is that this largest American bank “terminated accounts related to the President and his enterprises without any warning or provocation.” According to a report by Bloomberg on Thursday, Trump has filed the lawsuit in Miami-Dade County State Court. As of press time, the lawsuit documents have not yet been publicly released in court records.

The lawsuit accuses JPMorgan Chase of committing commercial defamation and breach of implied covenant of good faith and fair dealing. Commercial defamation refers to a business damaging another’s reputation through false statements; in this case, Trump may argue that the bank’s account closures implied misconduct or credit risk. Breach of the implied covenant of good faith and fair dealing suggests that there is an implicit obligation of honesty and fairness between the bank and its clients, which Trump claims JPMorgan Chase violated.

The lawsuit also specifically targets CEO Jamie Dimon personally, accusing him of violating Florida’s Deceptive Trade Practices Act. This implies Trump believes Dimon engaged in fraudulent or unfair commercial conduct during the account termination process. The $5 billion damages amount is high in Trump’s legal history, indicating the importance he places on this case.

A JPMorgan Chase spokesperson responded swiftly, stating that the lawsuit is baseless and that JPMorgan Chase “will not close accounts for political or religious reasons.” This statement aims to refute any potential allegations of political discrimination by Trump, emphasizing that the bank’s account termination decisions are based on risk management and compliance considerations, not political stance.

Timeline of the January 6 Capitol Events and Bank Account Closures

According to a social media post on January 17, one of Trump’s main arguments for canceling bank accounts is that, given the “rigged” 2020 election, the attack on the U.S. Capitol on January 6, 2021, was a “correct” action by his supporters. Trump lost the election to former President Biden by 74 electoral votes. The timing of this is highly controversial, as Trump publicly defended the January 6 events on social media and accused JPMorgan Chase of political retaliation through account closures.

This lawsuit occurred weeks after Trump’s supporters attacked the Capitol in 2021 and just days after he threatened to sue the bank for canceling his accounts on social media. The overlapping timeline adds a political dimension to the case, as the account closures appear related to the Capitol events, and Trump’s lawsuit is a direct response to these closures.

From JPMorgan Chase’s perspective, closing Trump’s accounts after January 6 may have been based on risk assessment and compliance considerations. Many financial institutions re-evaluated their relationships with Trump and his businesses after the event, concerned about potential reputational risks and regulatory scrutiny. However, Trump evidently views these closures as politically motivated and unjustified.

Dimon Denies Political Motives but Controversy Continues

Dimon previously denied allegations from others in the cryptocurrency industry that accounts were canceled for political or religious reasons. In December last year, the CEO stated: “We will cancel bank accounts of Democrats, Republicans, and also individuals of different religions. But that is not for those reasons.”

This statement attempts to show that JPMorgan Chase’s account closure decisions are based on objective standards rather than political or religious bias. Dimon emphasized that the bank applies the same risk management standards to clients of all political stances and religious backgrounds. However, this defense has not fully quelled controversy, as many individuals and businesses whose accounts were closed feel they faced discriminatory treatment.

Dimon’s public statement contrasts sharply with Trump’s accusations. Trump claims JPMorgan Chase “terminated accounts without any warning or provocation,” implying a sudden and unfair decision. Conversely, Dimon’s position is that the bank always follows established risk management procedures, and any account closures are based on compliance and risk considerations, not personal or political factors.

This public confrontation adds drama to the upcoming legal battle. As one of America’s most influential bankers, Dimon’s reputation is closely tied to JPMorgan Chase’s corporate image. Trump’s lawsuit targets not only the institution but also Dimon personally, which may require the CEO to defend himself and the bank’s decisions in court.

Trump Executive Order and Republican Anti-Bank Deplatforming Movement

In August 2024, Trump signed an executive order aimed at combating “politicized or unlawful deprivation of banking services,” instructing U.S. regulators to investigate related allegations and develop measures to prevent such incidents in the future. This executive order indicates that the Trump administration views bank account closures as a systemic issue rather than an isolated event.

Key Points of the Executive Order

Investigation Mechanism: Mandates U.S. regulators to investigate claims of banks closing accounts for political reasons

Preventive Measures: Develop policies and regulatory frameworks to prevent banks from arbitrarily or politically motivated account closures

Transparency Requirements: Possibly require banks to provide more detailed reasons and proper procedures when closing accounts

Some Republican lawmakers in Congress have also called for the Senate to address this issue through the Market Structure Act currently under review. This shows that anti-debanking efforts have become a policy priority for the Republican Party, not just a personal pursuit of Trump, but a broader political movement.

Even before Biden’s departure in January 2025, Republican lawmakers and government officials have been pushing for investigations or policies related to “debanking” allegations associated with the cryptocurrency industry. Many in the crypto industry refer to this as “Choke Point 2.0,” implying a carefully orchestrated effort by the U.S. government to cut off digital asset practitioners’ access to traditional banking services. In 2024, over 30 senior executives in tech and crypto publicly expressed concerns that digital assets might be denied banking services, and this movement rapidly grew online afterward.

Trump’s lawsuit against JPMorgan Chase could become a landmark case in this broader movement. If Trump wins, it could set a precedent for other individuals and businesses claiming political discrimination. If JPMorgan Chase wins, it could reinforce the bank’s autonomy in risk management decisions. Regardless of the outcome, this $5 billion lawsuit will have a profound impact on how the U.S. banking industry operates and on the relationship between politics and finance.