Trump Sues JPMorgan, CEO Simon over Alleged ‘Debanking’
Trump Sues JPMorgan, CEO Simon over Alleged ‘Debanking’
United States President, Donald Trump has officially filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon.
The legal action, filed on Thursday in a Miami-Dade County court in Florida, accuses the banking giant of “debanking” the president and his associated businesses for political reasons following the events of January 6, 2021.
The lawsuit alleges that the bank abruptly shuttered multiple accounts in February 2021 with minimal notice, effectively cutting off the president’s firms from necessary financing and banking services.
This move, the suit claims, was part of a broader effort by financial institutions to distance themselves from Trump after he left office, which his legal team characterizes as a discriminatory and politically motivated practice.
A central part of the legal complaint focuses on the timing and the justification provided by the bank.
Trump has frequently targeted major financial institutions, claiming they have used their power to silence political figures they disagree with.
This case follows similar allegations he has made against other major lenders, including Bank of America and Capital One, regarding the closure of accounts related to his organization.
Tensions between the White House and JPMorgan have intensified recently, particularly following public disagreements between Trump and Jamie Dimon regarding the independence of the Federal Reserve.
Dimon recently warned that attacks on central bank leadership could destabilize the economy, while Trump has criticized the bank’s opposition to his proposed caps on credit card interest rates.
The president used his social media platform to announce the litigation and clarify his stance on the matter. In his post, he explicitly stated his intention to hold the bank accountable, writing that he was “suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest”
JPMorgan Chase has strongly denied the allegations of political bias.
A spokesperson for the bank emphasized that they serve over 80 million Americans and maintain a policy that no account should ever be closed based on a customer’s political or religious beliefs.
The legal battle is expected to be a high-profile test of “fair access” to banking services in an increasingly polarized political climate.
