Donald Trump’s lawsuit against JPMorgan Chase seeks at least $5 billion in damages over the bank’s decision to close more than 50 of his personal and business accounts in 2021, which the complaint calls politically motivated “debanking.” Filed in January 2026 and now pending in federal court in Miami, the case names both the bank and CEO Jamie Dimon as defendants. JPMorgan has called the suit meritless and says regulatory risk, not politics, drove the closures.
What Trump Is Claiming
Trump filed the complaint on January 22, 2026, in state court in Miami-Dade County, Florida. He is joined by nine affiliated business entities, including Trump Payroll Corp., Trump National Golf Club, Trump Chicago Retail, and several hospitality and development companies.1The Washington Post. Trump v. JPMorgan Chase Complaint The defendants are JPMorgan Chase Bank, N.A. and Jamie Dimon personally.
The complaint raises three legal claims: trade libel, breach of the implied covenant of good faith and fair dealing, and violations of Florida’s Unfair and Deceptive Trade Practices Act. It seeks at least $5 billion in damages for what it calls “extensive reputational harm” and financial losses tied to the account closures.2CNBC. Trump Sues Jamie Dimon, JPMorgan Chase
The most aggressive allegation goes beyond the closures themselves. Trump’s lawyers claim JPMorgan placed him and his companies on a “blacklist” shared with other federally regulated banks — a database of individuals and entities flagged for a “history of malfeasant acts” or non-compliance with banking rules.1The Washington Post. Trump v. JPMorgan Chase Complaint Because Trump’s accounts were in good standing, the complaint argues, his inclusion was an “intentional and malicious falsehood” that induced other institutions to refuse his business or offer worse terms.
Trump has publicly tied the alleged blacklisting to a specific incident. In an August 2025 interview, he said JPMorgan gave him just 20 days to move “hundreds of millions of dollars in cash” and that Bank of America CEO Brian Moynihan told him, “We can’t do it,” when he tried to move the funds there. Moynihan did not directly confirm or deny the account but said the banking industry wanted regulatory changes to prevent such situations.3CNBC. Trump Says JPMorgan Chase, Bank of America Rejected Him as Bank Customer
What JPMorgan Actually Closed
On February 19, 2021, roughly six weeks after the January 6 attack on the U.S. Capitol, JPMorgan sent letters to Trump and the Trump Organization ending the relationship. The letters gave no specific reason, stating only that the bank “may determine that a client’s interests are no longer served by maintaining a relationship with J.P. Morgan Private Bank.”4Yahoo Finance. JPMorgan Says Closed Trump’s Bank Accounts Funds were to be transferred out by April 19, 2021.5Fox Business. JPMorgan Admits Closing Trump-Affiliated Bank Accounts After Jan. 6 Capitol Riot
The closures affected more than 50 accounts spanning Trump’s personal finances and the Trump Organization’s business operations.6The New York Times. JPMorgan Trump Debanking Nearly all of the corporate accounts were held at JPMorgan branches in Manhattan, with one in Chicago; Trump’s personal account was also in Manhattan. The lawsuit describes Trump as a customer of decades’ standing whose entities had transacted “hundreds of millions of dollars” through the bank.7Fox Business. Declaration of Dan Wilkening
JPMorgan formally confirmed the closures and their post-January 6 timing in a February 2026 court filing signed by Dan Wilkening, the bank’s former chief administrative officer for global banking. Wilkening stated that in February 2021, JPMorgan informed the plaintiffs that “certain accounts maintained with JPMorgan’s CB and PB would be closed,” referring to the commercial bank and private bank divisions.8The Hill. JPMorgan Chase Trump Accounts Some accounts flagged in the original letters were ultimately never closed and are not part of the litigation.7Fox Business. Declaration of Dan Wilkening
How JPMorgan Is Defending
JPMorgan issued a public statement the day the lawsuit was filed. “While we regret President Trump has sued us, we believe the suit has no merit,” the bank said. “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”9JPMorgan Chase. Statement Regarding President Trump’s Lawsuit
The bank flatly denied any political motive. “JPMC does not close accounts for political or religious reasons,” a spokeswoman said, attributing the closures instead to “legal or regulatory risk” and to “rules and regulatory expectations” that often compel the bank to end client relationships.9JPMorgan Chase. Statement Regarding President Trump’s Lawsuit In its court filings, the bank pointed to contractual provisions in its account agreements that allow it to terminate accounts with 30 days’ notice, with or without cause.7Fox Business. Declaration of Dan Wilkening
The bank’s lawyers have also challenged the blacklist allegation, arguing that the plaintiffs failed to provide basic facts about the existence or nature of any such list.10CNN. Jamie Dimon JPMorgan Trump Lawsuit
Where the Case Stands
The case did not stay in Florida state court long. JPMorgan removed it to the U.S. District Court for the Southern District of Florida, where it was docketed as Case No. 1:26-cv-21106.11CourtListener. Trump v. JPMorgan Chase Bank, N.A. The bank argued that Trump had “fraudulently” named Jamie Dimon as a personal defendant specifically to keep the case in state court and avoid federal jurisdiction, and that Florida’s Deceptive and Unfair Trade Practices Act does not apply to federally regulated bank executives acting in their official roles.10CNN. Jamie Dimon JPMorgan Trump Lawsuit
On February 19, 2026, Chief Judge Cecilia M. Altonaga recused herself, and the case was reassigned to Judge Kathleen Mary Williams, an Obama appointee who has served on the bench since 2011.12Federal Judicial Center. Williams, Kathleen Mary Judge Williams referred discovery disputes and non-dispositive pretrial matters to Magistrate Judge Enjolique A. Lett.11CourtListener. Trump v. JPMorgan Chase Bank, N.A.
The next day, JPMorgan and Dimon moved to transfer the case to New York under 28 U.S.C. § 1404(a), arguing that almost all of Trump’s accounts were held in Manhattan and that New York is the center of the relevant business activity. Trump’s team filed a competing motion to remand the case back to Florida state court. In March 2026, Judge Williams granted a joint motion setting a briefing schedule for both motions. As of the most recent docket entries, neither has been ruled on. JPMorgan has also sought leave to file a motion to dismiss and been granted permission to submit an expanded brief of up to 25 pages.13PACER Monitor. Trump et al v. JPMorgan Chase Bank, N.A. et al No substantive ruling on the merits has been issued.
The Bigger Debanking Fight
The lawsuit sits inside a broader campaign by the Trump administration against what it calls “politicized debanking.” On August 7, 2025, months before suing JPMorgan, Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans.” It directs federal banking regulators to remove “reputation risk” from their supervisory guidance, identify financial institutions that have engaged in politically motivated account closures, and take remedial action including fines and consent decrees.14The White House. Guaranteeing Fair Banking for All Americans
In December 2025, the Office of the Comptroller of the Currency reported that the nine largest U.S. banks had “restricted financial services to certain industries” between 2020 and 2023.15Reuters. Trump Sues JPMorgan Chase, CEO Dimon Over Alleged Political Debanking In June 2026, U.S. Attorney Jeanine Pirro issued subpoenas to both JPMorgan Chase and Bank of America as part of a federal investigation into the debanking allegations.16Forbes. Prosecutors Subpoena Big Banks Including JP Morgan for Alleged Debanking
The JPMorgan case is not the only debanking suit tied to Trump’s businesses. The Trump Organization filed a separate suit against Capital One in March 2025, alleging the bank closed hundreds of its accounts in 2021 for similar political reasons. That case, also filed in federal court in Miami, was dismissed in March 2026 by Judge Roy Altman, who called the complaint “deficient.” Altman gave the plaintiffs 90 days of discovery and an additional two weeks to file an amended complaint.17Insurance Journal. Trump’s Capital One Debanking Suit Dismissed The ruling suggests the JPMorgan complaint may face similar sufficiency questions if Judge Williams reaches the merits.