Trump files $5bn lawsuit against JPMorgan Chase over account closures

The lawsuit, filed in Florida, also names JPMorgan CEO Jamie Dimon. Trump claims that the closures in 2021 caused significant financial and reputational damage. The bank moved to terminate the accounts following the January 6 Capitol riot, after which many companies distanced themselves from the president.

Florida law prohibits banks from discriminating against clients based on political views. In the complaint, Trump argues that the decision reflected a broader industry practice aimed at pressuring customers over their political positions. He also alleges that JPMorgan placed him and related entities on a shared blacklist, which he says was approved at a senior level.

JPMorgan Chase rejected the accusations. In an official statement, the bank said: “While we regret that President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue and our right to defend ourselves - that’s what courts are for.”

The statement added: “Our company 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 rules and regulatory expectations often leave us no choice. 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 this Administration’s efforts to prevent the weaponization of the banking sector.”

Earlier, Qazinform News Agency reported that European football leaders had held preliminary discussions on how the sport could respond to statements by U.S. President Donald Trump on Greenland, amid broader political tensions between Europe and Washington.