US President Donald Trump has filed a lawsuit in Florida against JPMorgan. He accuses the bank of terminating accounts linked to him and his enterprises without prior notice. According to a Bloomberg report, Trump seeks $5 billion in damages from both JPMorgan and its CEO, Jamie Dimon. The lawsuit includes allegations of trade libel and breaches of good faith and accuses Dimon of violating Florida’s deceptive trade practices law.

A JPMorgan representative stated the lawsuit lacks merit, asserting that accounts are not closed for political or religious reasons.

Trump’s debanking lawsuit efforts follow statements made after the January 6, 2021, Capitol attack, in which he describes the incident as justified, claiming the 2020 election was manipulated.

Debanking Claims

Social media post discussing lawsuit against JPMorgan. Source: Donald Trump

Dimon has consistently denied political motivations in the closure of accounts, stating previously that his actions toward account terminations were non-partisan.

In August, Trump further pressed federal regulators to probe unauthorized debanking incidents, prompting discussions among Republican lawmakers concerning market structure legislation aimed at addressing such issues.