President Trump filed a $5 billion lawsuit Thursday against JPMorgan Chase and CEO Jamie Dimon, accusing the bank of cutting off his accounts for political reasons after decades-long business ties.
The suit, filed in Florida state court in Miami by Trump attorney Alejandro Brito, alleges JPMorgan abruptly terminated multiple accounts belonging to Trump and his hospitality companies in early 2021, despite the accounts being in good standing and having processed hundreds of millions of dollars in transactions over the years. The complaint claims the bank provided no warning, appeal process, or alternative banking arrangements.
Trump’s legal team argues the closures were driven by political and social considerations rather than legitimate financial or regulatory concerns, asserting the bank sought to distance itself from Trump and his conservative views at a time when doing so was politically advantageous.
The lawsuit further alleges JPMorgan and Dimon caused Trump, the Trump Organization, affiliated entities, and members of the Trump family to be placed on an internal banking blacklist shared across federally regulated institutions, a move the complaint characterizes as false, malicious, and designed to prevent other banks from doing business with them.
Trump is accusing JPMorgan Chase and Dimon of trade libel, violations of Florida’s unfair and deceptive trade practices law, breach of the implied covenant of good faith and fair dealing, and related claims, and is seeking a jury trial.
