U.S. President Donald Trump filed a $5 billion lawsuit against JPMorgan on Thursday alleging the global bank of debanking him and some of his companies in 2021 without merit.
The lawsuit, filed in Miami-Dade County in Florida, alleges that the bank engaged in trade libel, breached good faith and fair dealing provisions and that CEO Jamie Dimon “violated Florida’s deceptive trade practices law,” according to Bloomberg.
Trump said he’d sue JPMorgan over the past weekend, citing the 2021 debanking.
In a statement, a spokesperson for JPMorgan said, “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.”
“JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so but often rules and regulatory expectations lead us to do so. We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector,” the statement continued.
Donald Trump, Jr., the president’s oldest son, said at Bitcoin Las Vegas last year that banks had debanked his family for political reasons.
“Once we got into that political sector…we were getting de-banked, we were getting de-insured, we were getting de-everything. It was brutal,” he said.
Since retaking office, Trump has signed an executive order against debanking. His appointed regulators, including Comptroller of the Currency Jonathan Gould, have similarly warned banks against engaging in any activities that look like debanking, a concern the crypto industry at large had over the past few years.
UPDATE (Jan. 22, 2026, 18:00 UTC): Adds additional detail.
UPDATE (Jan. 22, 18:02 UTC): Adds JPMorgan statement.
