Former United States President Donald Trump has taken legal action against banking giant JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, filing a lawsuit seeking at least US$5 billion in damages.
The claim was filed in a Florida state court and centres on allegations that the bank closed Trump’s personal and business accounts in 2021 for politically motivated reasons, a move his legal team has described as “debanking.”
According to the lawsuit, Trump and his affiliated companies were given little notice before their accounts were terminated, forcing them to find alternative banking arrangements. The filing argues that the decision caused significant financial and reputational harm.
The suit also alleges that JPMorgan discouraged other financial institutions from doing business with Trump, his family and related entities, further limiting his access to banking services.
JPMorgan has rejected the claims, maintaining that it does not make account decisions based on political views. The bank has said account closures are carried out only when there are legal, regulatory or risk-related concerns.
The legal battle adds to ongoing public tension between Trump and major financial institutions and comes amid broader debates in the United States about alleged political bias within the banking sector.
The matter is now before the court as both sides prepare for further legal proceedings.
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