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US President Donald Trump sued JPMorgan Chase & Co. and its chief govt officer, Jamie Dimon, for no less than $5 billion, alleging that the lender stopped providing him and his enterprise banking providers for political causes.
In keeping with the criticism filed on Thursday, Trump accuses the financial institution of commerce libel and breach of the implied covenant of excellent religion. It additionally states that Dimon violated Florida’s Misleading and Unfair Commerce Practices Act.
BREAKING: Trump sues JPMorgan Chase and CEO Jamie Dimon for $5B over alleged ‘political’ debanking
“President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon in a $5 billion lawsuit filed Thursday, accusing the monetary establishment of debanking him for political… pic.twitter.com/9LQPYFJBoF
— Steve Visitor (@SteveGuest) January 22, 2026
The lawsuit, filed in Miami-Dade County court docket in Florida, alleges that JPMorgan abruptly closed a number of accounts in February 2021 with simply 60 days’ discover and no rationalization.
By doing so, Trump claims JPMorgan and Dimon minimize the president and his companies off from thousands and thousands of {dollars}, disrupted their operations, and compelled them to open financial institution accounts elsewhere urgently.
Nonetheless, JPMorgan has since denied all allegations. “Whereas we remorse that President Trump has sued us, we consider the go well with has no benefit. We respect the President’s proper to sue us and our proper to defend ourselves – that’s what courts are for,” mentioned a JPMorgan spokesperson.
In the meantime, the Trump household has continued to reiterate that the banks had debanked his household for political causes.
Trump And The Combat Towards Debanking
Since retaking workplace, Trump has signed an govt order in opposition to debanking. His appointed regulators, together with Comptroller of the Forex Jonathan Gould, have equally warned banks in opposition to partaking in any actions that look like debanking, a priority the crypto trade at giant has had over the previous few years.
“You shouldn’t be debanked,” Trump mentioned to reporters whereas aboard Air Pressure One on Thursday. “It’s so incorrect. I don’t know what their excuse could be. Perhaps their excuse could be the regulators.”
Trump on JPMorgan Chase CEO, Jamie Dimon:
“He de-banked me. I assume it is a good lawsuit as a result of each pundit has come out and mentioned Trump has an incredible lawsuit right here. You are not allowed to do what they did.”pic.twitter.com/bC9zOMygwX
— Purple Line Information (@RedLineNewsUSA) January 22, 2026
In the meantime, the household has since turned to crypto as a hedge.
“We obtained into crypto as a result of we had been debanked,” Donald Trump Jr. mentioned in a Fox Information interview final yr. “We needed to provide you with options,” he continued, including that crypto was probably the most environment friendly method to go and “completely the way forward for banking.”
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