Trump sues JPMorgan for $5bn over account closure after Capitol riot

January 22, 2026

President Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the bank illegally terminated his accounts in 2021 due to his political beliefs. The bank closed Trump's accounts following the January 6 Capitol riot, stating the decision was based on legal and regulatory risks rather than political considerations. Trump's complaint, filed in Florida where political discrimination by banks is prohibited, alleges the closure caused significant financial and reputational damage and was part of a broader "debanking" practice targeting conservatives.

Who is affected

President Donald Trump (individual plaintiff)
Trump's businesses and family members (listed on alleged "blacklist")
JPMorgan Chase (defendant bank)
Jamie Dimon (CEO of JPMorgan Chase, named defendant)
Other banks that allegedly received the shared "blacklist"
Customers in sectors like oil and gas, private prisons, and adult entertainment (facing restricted banking access)

What action is being taken

Trump is filing/has filed a $5 billion lawsuit against JPMorgan Chase and Jamie Dimon in Florida
The Trump administration is conducting a review of banking activities related to debanking practices
JPMorgan is defending itself against the lawsuit through public statements denying the allegations

Why it matters

This lawsuit highlights the controversial practice of "debanking," where financial institutions close customer accounts based on perceived risks. The case raises fundamental questions about whether banks can legally decline service based on political considerations versus legitimate regulatory concerns. The outcome could significantly impact how banks evaluate account relationships and set precedent for whether political viewpoint discrimination claims can succeed against financial institutions, particularly as Trump has made debanking a priority policy issue for his administration.

What's next

No explicit next steps stated in the article

Read full article from source: BBC