Trump sues JPMorgan and Jamie Dimon for $5bn over alleged debanking after Jan. 6
President Trump sued JPMorgan Chase and CEO Jamie Dimon for $5 billion, alleging they closed his accounts for political reasons after January 6, 2021 riot.
Overview
President Trump filed a $5 billion lawsuit in Miami-Dade County, Florida, naming JPMorgan Chase and CEO Jamie Dimon, claiming account closures harmed him and his businesses financially and reputationally.
The complaint says JPMorgan abruptly notified Trump in February 2021 that multiple accounts would close with 60 days' notice, disrupting operations and forcing urgent moves to alternative banks.
Trump alleges JPMorgan placed him, his family and firms on a 'blacklist' shared with other banks, accusing the bank of trade libel and violating Florida consumer protection law.
JPMorgan denied political motives, saying it "does not close accounts for political or religious reasons" and often closes accounts due to legal or regulatory risk and compliance expectations.
The suit amplifies the national debate over 'debanking' after January 6, follows regulatory reviews and executive actions, and could influence bank practices and future scrutiny of account closures.
Analysis
Center-leaning sources frame the coverage as contested yet skeptical of Trump’s claims by juxtaposing his allegations with firm denials and regulatory context. Editorial choices include evaluative wording (e.g., “falsely claimed,” “expletive-laden”), privileging JPMorgan and OCC statements, and structuring the story to foreground denials while still reporting the lawsuit’s accusations.
Sources (20)
FAQ
Trump alleges that JPMorgan Chase closed his accounts and those of his businesses and family in early 2021 for political reasons after January 6, 2021, placing them on a blacklist shared with other banks, causing financial and reputational harm, and violating Florida consumer protection law.
JPMorgan denies closing accounts for political or religious reasons, stating they do so due to legal or regulatory risks and compliance expectations, and asserts the suit has no merit.
The lawsuit seeks $5 billion in civil damages.
The suit amplifies the debate over debanking, following Trump's executive order banning it, regulatory reviews by the OCC finding restrictions on certain industries for reputational risk, and banks emphasizing closures are due to regulatory compliance rather than politics.
History
15 sources