Trump Sues JPMorgan Chase, Seeking $5B Over Account Closure - JPM

President Donald Trump filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon on January 22, 2026, alleging the bank closed his accounts in late 2021 due to political motivations following the Jan. 6 insurrection. The suit, filed in Miami-Dade County state court, claims trade libel and breach of fair trade covenants, seeking at least $5 billion in damages. The complaint asserts that JPMorgan Chase acted based on "woke beliefs" and that the account closure was politically driven. JPMorgan Chase denied the allegations, calling the lawsuit meritless and stating it does not close accounts for political or religious reasons but only when legal or regulatory risks arise. A spokesperson emphasized the bank respects Trump’s right to sue but will defend itself in court. This case is part of Trump’s broader retribution campaign targeting institutions and individuals critical of him. The matter remains under development.