US President Donald Trump filed a civil lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, accusing the bank of wrongly closing his accounts for political reasons following the January 6, 2021, Capitol siege.
The complaint, lodged in a Florida state court, seeks at least $5 billion in damages. It centres on JPMorgan’s decision to terminate several accounts held by Trump and his businesses after he refused to concede defeat in the 2020 presidential election to Joe Biden.
According to the filing, Trump was notified on February 19 that the accounts were being closed, causing “considerable financial harm.” The suit claims the move disrupted access to banking services, forced less favourable arrangements with other institutions, and damaged the ability to transact and manage funds.
“Plaintiffs are confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated ‘woke’ beliefs that it needed to distance itself from President Donald Trump and his conservative political views,” the complaint states.
JPMorgan responded swiftly, saying the case has “no merit” and defending its actions.
“We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so,” the bank said in a statement.
It added: “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”
JPMorgan also called for regulatory reform to “prevent the weaponization of the banking sector.”
The lawsuit is the latest in a series of legal actions Trump has pursued against financial institutions and companies he claims treated him unfairly due to his political views.
