Former President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, claiming the bank closed his accounts for political reasons. The lawsuit was filed on January 23, 2026, by Trump’s attorney, Alejandro Brito. It alleges that the bank shut down Trump’s accounts due to “political and social motivations.” Trump had hinted at this legal action in a post on Truth Social on January 18.
The accounts in question were notified for closure in early 2021, following the January 6 Capitol attack. The official closure took place in April 2021, after the bank provided a 60-day notice. Trump asserts that his accounts had been active at JPMorgan for decades before this closure. The bank cited legal or regulatory risks as the reason for terminating the accounts. Furthermore, Trump claims that the lawsuit reflects a trend of financial institutions cutting access based on political views.
Trump claims that JPMorgan made this decision based on “woke beliefs” and alleges that Dimon ordered the creation of a blacklist to warn other banks about the Trump organization. He argues that the bank profited from their relationship until abruptly cutting off financial services. Trump also states that this closure caused “significant financial damage and losses,” making it difficult for him to access funds and forcing him to transfer money to another institution. Dimon previously supported Hillary Clinton’s 2008 campaign, showcasing a history of political affiliations that complicates his relationship with Trump.
Trump alleges JPMorgan’s account closure was driven by “woke beliefs,” resulting in significant financial damage and difficulties accessing funds.
In response, JPMorgan denies any wrongdoing, stating that the lawsuit has “no merit.” The bank insists that the closures were necessary due to legal and regulatory risks. They respect Trump’s right to file the lawsuit but reserve the right to defend themselves. Analysts from TD Cowen expect that the case is likely to be dismissed.
The relationship between Trump and Dimon has been complicated. While they have shown mutual respect at times, they have also had public disagreements over policy. As this lawsuit unfolds, it raises questions about whether other conservatives face similar challenges in banking relationships.
