President Trump Files $5 Billion Lawsuit Against JPMorgan Over Account Termination Claims
President Donald Trump has made good on his social media promise by initiating legal proceedings against JPMorgan Chase, alleging the financial institution closed his accounts in the aftermath of the January 6, 2021 Capitol breach.
President Donald Trump of the United States has initiated legal proceedings in a Florida state courthouse against JPMorgan, alleging the financial institution closed accounts associated with the president and his business ventures "without warning or provocation."
A Bloomberg report published on Thursday revealed that Trump submitted a legal complaint to the Miami-Dade County state court, demanding $5 billion in damages from both JPMorgan and the bank's chief executive officer, Jamie Dimon. The legal filing was unavailable on the court's publicly accessible docket when the report was published.
The legal action levied accusations of trade libel and breach of the implied covenant of good faith against JPMorgan, while also charging Dimon with violating Florida's deceptive trade practices statute. A representative speaking on behalf of the financial institution stated the legal action lacked merit and emphasized that JPMorgan "does not close accounts for political or religious reasons."
Among Trump's primary justifications for the account termination lawsuit, based on a social media statement posted on Jan. 17, centered on assertions that the Jan. 6, 2021, breach of the US Capitol building by his supporters represented the "correct" course of action, based on his belief that the 2020 election was "rigged." Trump was defeated in the election by 74 electoral votes to former President Joe Biden.
Dimon has in the past rejected accusations of terminating accounts for political or religious motivations from other figures in the cryptocurrency sector. In December, the chief executive stated "we debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason."
In August, Trump put his signature on an executive order targeting "politicized or unlawful debanking" by directing US regulatory agencies to investigate claims and create measures to prevent account terminations in the future. Several Republican members of Congress have additionally advocated for the market structure legislation currently under consideration in the Senate to tackle the issue.
Republicans bring up debanking claims in policies, proposed laws
Prior to Biden's departure from office in January 2025, Republican legislators and government officials had been advocating for investigations or policy measures addressing allegations of account terminations related to the cryptocurrency sector.
These allegations were labeled "Operation Chokepoint 2.0" by numerous individuals in the cryptocurrency sector, referencing an organized campaign by the US government to eliminate access to conventional banking for those participating in digital assets. The movement picked up steam online in 2024 following more than 30 technology and cryptocurrency executives publicly sharing their debanking claims.