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Trump has sued JPMorgan Chase and CEO Jamie Dimon for at least $5 billion, alleging the bank denied him and his businesses services for political reasons. The complaint cites trade libel, breach of good faith, and Florida’s deceptive trade practices law, while JPMorgan denies any political bias.
US President Donald Trump has filed a lawsuit against JPMorgan Chase & Co. and its CEO Jamie Dimon, seeking at least $5 billion. Trump alleges the bank refused to provide banking services to him and his businesses due to political reasons, according to a report.
The complaint was filed on Thursday (January 22) in Miami-Dade County state court, citing trade libel and breach of the implied covenant of good faith and fair dealing. It also claims Dimon violated Florida’s deceptive trade practices law, as per Bloomberg report.
Allegations of political bias in banking
Trump’s legal team argued that JPMorgan’s actions violated Florida law, which prohibits financial institutions from terminating accounts based on an individual’s political beliefs.
“Debanking is a matter of public interest and significant importance to all consumers and businesses in the United States of America — and JPMC, especially given its storied and leading history, is a central actor in this ongoing and troubling saga,” the complaint said, according to a copy reviewed by Bloomberg.
The lawsuit forms part of Trump’s broader campaign against what he calls the “weaponization” of the banking sector, targeting financial institutions that allegedly deny services for ideological reasons.
Bank denies political motives
JPMorgan responded to the lawsuit, denying that political or religious factors influenced its decisions.
“We do close accounts because they create legal or regulatory risk for the company,” the bank said in a statement, the news outlet stated.
“We regret having to do so but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector.”
Legal basis and context
Trump’s lawyers highlighted Florida law as central to the case. The state bars financial institutions from ending banking relationships based on political opinions, speech, or affiliations, a point cited directly in the complaint.
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