President Trump Files $5 Billion Lawsuit Against JPMorgan Chase Over Account Closures

The long-simmering tension between President Donald Trump and the American banking establishment reached a boiling point on January 22, 2026, as the President filed a massive five billion dollar lawsuit against JPMorgan Chase and its CEO, Jamie Dimon. Filed in the Miami-Dade County state court, the complaint accuses the nation’s largest bank of trade libel, breach of the implied covenant of excellent faith, and violations of Florida’s Deceptive and Unfair Trade Practices Act. The President alleges that the bank engaged in “political debanking” by terminating his personal and business accounts in ahead 2021 following the January 6 Capitol protest. According to the filing, the bank provided no specific reason for the closures at the time, but the administration now claims to have evidence that the decision was a discriminatory act of ideological gatekeeping rather than a regulatory necessity. This legal action marks an unprecedented confrontation between a sitting U.S. President and a primary pillar of the global financial system, setting the stage for a high-stakes discovery process into the internal communications of Wall Street executives.

Allegations of Ideological Discrimination and the Battle Over Financial Access

The lawsuit centers on the claim that JPMorgan Chase improperly shuttered the accounts of the Trump Organization and its various affiliates, an act the President describes as a “troubling saga” of corporate overreach. In social media posts leading up to the filing, Trump characterized the bank’s actions as part of a broader effort by major financial institutions to silence political dissent and punish individuals based on their beliefs. The complaint further alleges that Jamie Dimon personally assured the President that the account closures would be addressed but ultimately failed to follow through, leading to significant reputational and financial harm. By viewking five billion dollars in damages, the Trump legal team is attempting to establish a costly precedent that would deter other financial institutions from “weaponizing” their services against political figures. JPMorgan Chase has responded by calling the suit “without merit,” stating that they do not close accounts for political or religious reasons but only when a client creates an unacceptable level of legal or regulatory risk for the institution.

The Federal Reserve Conflict and the Broader Push Against the Banking Elite

This legal escalation is inextricably linked to a series of recent public clashes between the White House and Jamie Dimon regarding the independence of the Federal Reserve. Tensions flared last week when Dimon warned that the President’s frequent criticism of Fed Chair Jerome Powell risked undermining central bank independence and fueling inflation. Trump has countered by calling Powell a “poor Fed person” and insisting that interest rates should be significantly lower to stimulate domestic growth. The lawsuit also follows the President’s recent denial of a Wall Street Journal report claiming he had offered Dimon the position of Federal Reserve chair, an idea he dismissed as “fake news.” As the administration pushes for new caps on credit card interest rates—a move JPMorgan’s CFO Jeremy Barnum recently described as “very poor for the economy”—the lawsuit serves as a primary tool in the President’s broader campaign to reshape the power dynamics between Washington and the banking elite. With both sides dug in for a protracted legal fight, the outcome will likely define the limits of corporate discretion in the age of the “internet financial system.”