President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and CEO Jamie Dimon on Thursday (January 22), alleging the nation’s largest bank wrongfully closed or restricted his accounts following the January 6, 2021, Capitol riot.
The lawsuit, filed in Florida, accuses JPMorgan of trade libel, breach of implied covenant of good faith, and claims Dimon violated Florida’s deceptive trade practices law, according to Bloomberg.
The lawsuit was filed just one day after Trump met with Wall Street executives, including Dimon, at the World Economic Forum in Davos.
The legal action comes just days after President Trump threatened litigation on his Truth Social platform, where he wrote he would sue “over the next two weeks” for what he termed “inappropriate DEBANKING” after the January 6 events.
JPMorgan Chase spokesperson Trish Wexler defended the bank’s position in a statement: “While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for,” Politico reported.
The bank maintains it “does not close accounts for political or religious reasons” but may do so when accounts “create legal or regulatory risk for the company.”
“De-banking” has become a significant political issue during Trump’s second term. In August 2025, he signed an executive order prohibiting banks from refusing services based on religious or political beliefs and directed regulators to investigate the practice.
The Office of the Comptroller of the Currency issued a preliminary report in December concluding that nine banks had restricted access to services or required additional review for companies that could expose them to “reputational” risk, primarily affecting businesses in oil and gas, adult entertainment, payday lending, and digital assets.
The lawsuit comes amid heightened tensions between Trump and the banking sector. Just last week, Trump demanded banks cap credit card interest rates at 10% by January 20, causing JPMorgan shares to drop approximately 5% despite the bank recently reporting strong quarterly earnings.
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