Trump Sues JPMorgan Chase for $500M Over Account Closures, Alleging Political Motives

Former President Donald Trump filed a lawsuit against JPMorgan Chase (JPM-US) and CEO Jamie Dimon on January 22, 2026, seeking at least $500 million in damages over the bank's closure of his and related entities' accounts in early 2021. The suit, filed in Miami-Dade County, Florida, alleges the closures were politically motivated and violated state laws, including Florida’s Unfair Trade Practices Act. The complaint states that JPMorgan terminated Trump’s accounts approximately seven weeks after the January 6 Capitol riot, without warning or provocation, citing unspecified legal and regulatory risks. It claims the bank imposed a "debanking" policy based on political ideology, placing Trump, the Trump Organization, and family members on a wealth management blacklist. Plaintiffs argue this reflects a broader trend of financial institutions denying services based on political views. JPMorgan denied wrongdoing, stating it closes accounts only when they pose legal or regulatory risks, not due to political or religious beliefs. The bank previously disclosed facing scrutiny over alleged "debanking" practices linked to the Trump administration.