Donald Trump filed a $5 billion lawsuit on Thursday in Miami-Dade County state court. He accuses JPMorgan and CEO Jamie Dimon of cutting off banking services for political reasons after the January 6th riots.
The complaint alleges trade libel and breach of the implied covenant of good faith and fair dealing. It also claims Mr. Dimon violated Florida’s deceptive trade practices law.
He first revealed the plan on Truth Social. “I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!”
A tweet also publicized the filing.
JPMorgan responded that the lawsuit “has no merit.” The bank said it does not close accounts for political or religious reasons but closes them “because they create legal or regulatory risk for the company,” adding that rules and expectations often force such actions.
The Trump Organization and Eric Trump sued Capital One last year, accusing the lender of political motivations. Mr. Trump has also accused Bank of America of politically targeted “debanking,” but he has not sued that bank.
Shares of JPMorgan rose about 0.5% on Thursday after the filing. They remain down more than 6% year-to-date in 2026.
