JPMorgan Admits Closing Trump Accounts in Court Filing

JPMorgan Chase admitted in a court filing submitted this week that it closed bank accounts held by President Donald Trump and his businesses in February 2021. The disclosure marks the first official confirmation of the closures, which occurred in the aftermath of the Jan. 6 Capitol attacks, and stems from an ongoing $5 billion lawsuit alleging politically motivated "debanking." The filing confirms that Trump’s accounts at the bank's commercial and private banking divisions were terminated. Trump alleges the bank placed him on a reputational "blacklist" and violated Florida trade practices, while JPMorgan argues the suit lacks merit and seeks to move the case to New York. The legal battle highlights the politically charged debate over "debanking," with regulators increasingly scrutinizing banks that deny services based on "reputational risk." Trump has filed similar litigation against Capital One regarding parallel account closures.