Trump sues JPMorgan Chase and CEO Jamie Dimon over alleged 'debanking' claims

US President Donald Trump has filed a lawsuit against JPMorgan Chase & Co. and its chief executive officer Jamie Dimon, accusing the bank of unlawfully closing his personal and business accounts in early 2021. 

The lawsuit was filed on January 22 in Florida state court in Miami-Dade County. Trump’s attorney, Alejandro Brito, filed the case on behalf of the president and several of his hospitality-related companies, according to a Fox Business report. 

JPMorgan confirmed the lawsuit and dismissed the claims. “While we regret President Trump has sued us, we believe the suit has no merit,” the bank said in a statement to CNBC. JPMorgan spokeswoman Patricia Wexler added that the bank does not close accounts for political or religious reasons and said it would defend itself in court. 

According to the complaint, JPMorgan and Dimon allegedly placed Trump, the Trump Organization, its affiliated entities, and members of the Trump family on a so-called “blacklist.” The lawsuit claims this list is accessible to federally regulated banks and includes individuals or entities deemed to have engaged in malfeasant activity or to be noncompliant with banking regulations. 

The legal action escalates Trump’s long-running dispute with major Wall Street institutions following the January 6, 2021, US Capitol riot, after which several financial institutions reassessed relationships with high-risk clients. Trump has repeatedly claimed that JPMorgan improperly cut off his access to financial services in the aftermath of the unrest. 

In a recent post on his Truth Social platform, Trump accused JPMorgan of “incorrectly and inappropriately DEBANKING” him, reiterating his false claim that the 2020 presidential election was rigged. He again described the Capitol riot as a protest that was justified, offering no evidence to support the assertion. 

Dimon has previously denied allegations that JPMorgan debanks customers based on political ideology. Speaking before lawmakers on Capitol Hill in February 2025, Dimon said the bank does not target conservatives or any customers because of their political or religious affiliations. 

“We don’t debank people because of political or religious affiliations,” Dimon told lawmakers. However, he acknowledged broader concerns around account closures, pointing to regulatory pressure. “The rules and requirements are so onerous, and it does cause people to be debanked in my opinion, [when it] should not be,” he said, adding that banking regulators were “pretty much” to blame for the issue. 

The lawsuit also comes amid Trump’s broader criticism of the US Federal Reserve and renewed debate over banking regulation, financial access, and the independence of major financial institutions. 

JPMorgan said it respects Trump’s right to pursue legal action and reiterated its confidence in prevailing in court.