Former U.S. President Donald Trump has filed a $5 billion civil lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, accusing the bank of closing his accounts and cutting him off from financial services for political reasons following the January 2021 Capitol riot. Trump claims the decision was made without proper explanation and caused significant harm to his personal finances and business operations.
The lawsuit was filed in a Miami-Dade County court in Florida and states that JPMorgan closed several accounts in February 2021, giving only 60 days’ notice and allegedly no clear justification. Trump also claims that his name and businesses were placed on a so-called “blacklist,” making it difficult to establish relationships with other financial institutions.
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JPMorgan Chase has denied the accusations, stating that it does not close accounts for political or ideological reasons, but rather when there are legal or regulatory risks involved.
Why is this lawsuit so significant?
Because it reignites the debate over “debanking” and highlights growing tensions between major financial institutions and high-profile political figures in the United States.
