FIRST ON FOX: President Donald Trump files suit JPMorgan Chase and its CEO Jamie Dimon in a $5 billion lawsuit filed Thursday, accusing the financial institution of debanking it for political reasons.
The president’s lawyer, Alejandro Brito, filed a complaint trial Thursday morning in Florida state court in Miami on behalf of the president and several of his hotel companies.
Brito cites JPMorgan’s code of conduct, which states that the bank operates “with the highest level of integrity and ethical conduct.”
The JPMorgan Chase & Co. headquarters in Park Avenue, Midtown, Manhattan, New York. (Tim Clayton/Corbis via Getty Images / Getty Images)
TRUMP SAYS HE WILL CONTINUE LAWSUIT OF JPMORGAN FOR “INCORRECT” DEBANCING AFTER JANUARY 6
“We have high expectations and hold ourselves accountable. We do the right thing, not necessarily the easy or quick thing. We follow the letter and spirit of the laws and regulations wherever we do business and have zero tolerance for unethical behavior,” the lawsuit says, citing the bank’s code of conduct.
“Although it claims to hold these principles dear, JPMC violated them by unilaterally closing – and without warning or recourse – several of Plaintiff’s bank accounts,” the suit claims.
Trump was a client of JPMorgan for decades, and he and his affiliated entities “conducted transactions worth hundreds of millions of dollars” through JPMorgan Chase, according to the lawsuit.
Trump’s lawyer said February 19, 2021, was the day that “forever altered the dynamics of the parties’ relationship,” when the bank, allegedly “without warning or provocation,” informed Trump and his entities that several bank accounts they controlled, benefited from, and actively used to transact business “would be closed just two months later, on April 19, 2021.”
Jamie Dimon, CEO of JPMorgan Chase & Co., speaks at the America Business Forum in Miami, November 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
“JPMC provided Plaintiffs with no remedy, relief, or alternative – its decision was final and unequivocal,” the suit claims.
Trump’s lawyer said he was “confident that JPMC’s unilateral decision was the result of political and social motivations, and JPMC’s unfounded and ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
“In essence, JPMC debunked Plaintiffs’ accounts because it believed the political trend of the moment favored this,” the lawsuit states. “In addition to the significant financial and reputational harm suffered by plaintiffs and their affiliated entities, JPMC’s reckless decision is responsible for a growing trend of financial institutions in the United States of America cutting off consumers’ access to banking services if their political views contradict those of the financial institution.”
President Donald Trump was a client of JPMorgan for decades, according to the lawsuit. (Krisztian Bocsi/Bloomberg via Getty Images; Angela Weiss/AFP via Getty Images)
Trump’s lawyer alleged that “JPMC’s conduct, in violation of its code of conduct and Dimon’s lofty assertions, is a key indicator of a subversive and systemic industrial practice that seeks to coerce the public to change and realign its political views.” »
The lawsuit goes on to allege that JPMorgan Chase and Dimon have “unlawfully and unjustifiably published all or part of their names, including the names of President Trump, the Trump Organization and its affiliated entities, and the Trump family, on a blacklist.”
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The blacklist, according to the lawsuit, would be available to federally regulated banks and would be comprised of individuals and entities that have a history of wrongdoing and otherwise fail to comply with applicable banking rules and regulations.
“Given that Plaintiffs have consistently complied with all applicable banking rules and regulations and that their wealth management accounts were in good standing, JPMC’s publication of President Trump, the other Plaintiffs, the Trump Organization and its affiliated entities, and/or the names of the Trump family on this blacklist, is an intentional and malicious lie,” the lawsuit states, alleging that JPMorgan Chase engaged in “an unfair and deceptive trade practice” by ordering the release of the names to the list, noting that the bank “had no legitimate basis for doing so and knew that doing so would, and in fact did, induce other banking institutions not to deal with them.”
Trump accuses JPMorgan Chase and Dimon of trade defamation, violation of Florida’s Unfair and Deceptive Trade Practices Act, declaratory relief, and violation of the implied covenant of good faith and fair dealing.
Trump’s team demands jury trial.
President Donald Trump’s team is calling for a jury trial. (Getty Images)
The president addressed the lawsuit in a Truth Social article over the weekend.
“I will be suing JPMorgan Chase over the next two weeks for improperly and inappropriately DISCOVERING me after the January 6 protest, a protest that turned out to be okay for those protesting,” Trump said. said in a Truth Social job. “The elections were rigged!”
Trump has said publicly in interviews that JPMorgan Chase gave him a deadline, reportedly 20 days, to move hundreds of millions of dollars and effectively cut off his accounts after January 6, 2021. He also said that Bank of America later refused to accept large deposits when he tried to bank elsewhere.
In a previous statement to Fox, JPMorgan Chase spokesperson Trish Wexler said, “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be terminated because of their political or religious beliefs.
Dimon denied in 2025 that the bank would exclude conservatives or clients based on their political views.
“We don’t ban people because of their political or religious affiliations,” Dimon said on Capitol Hill on February 13, 2025. “But there are a lot of things that can be fixed. rules and requirements are so expensive, and this leads to people becoming unbanked in my opinion, should not be debated. »
Asked if banking regulators were primarily responsible for the debanking problems, Dimon said, “Pretty much, yes.”
Bank of America CEO Brian Moynihan, who has also faced scrutiny from the White House over unbanking allegations, offered a similar response in a separate interview that day.
“We have 70 million customers and we are happy to serve anyone,” Moynihan said.
In 2025, the Trump Organization sued Capital One after it “unjustifiably” closed more than 300 of the company’s bank accounts and accounts belonging to numerous members of the Trump family in 2021. (Leonardo Munoz/VIEWpress/Getty Images)
Asked about Trump’s allegations, Moynihan declined to elaborate further in 2025, saying: “You’ll have to talk to him about that, thank you.” »
In 2025, the Trump Organization sued Capital One after it “unjustifiably” closed more than 300 of the company’s bank accounts and accounts belonging to numerous members of the Trump family in 2021.
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On March 8, 2021, Capital One allegedly informed Trump and the plaintiffs that hundreds of bank accounts they controlled, benefited from, and actively used would be closed on June 7, 2021. According to the lawsuit, Capital One did not provide Trump and the plaintiffs with any “remedy, recourse, or alternative – its decision was final.”
Accounts affiliated with the Trump Organization held millions of dollars belonging to them and their affiliated entities.
At the time, a Capital One spokesperson told Fox News Digital that: “Capital One has not and is not closing customer accounts for political reasons.”