President Donald Trump sued JPMorgan Chase and its CEO, Jamie Dimon, yesterday for at least $5B in damages. He accused the bank of illegally terminating his accounts for political reasons. 

Trump ‘Debanking’ Suit

President Donald Trump sued JPMorgan Chase and its CEO, Jamie Dimon, yesterday for at least $5B in damages. He accused the bank of illegally terminating his accounts for political reasons.

In February 2021, Trump said he was notified that several of his personal and professional accounts would be closed two months later. Trump also accused Dimon of placing his name and businesses on a financial blacklist, resulting in reputational harm. Trump accused the bank of taking these steps for political purposes (the decision would have come weeks after the Jan. 6 storming of the US Capitol). JPMorgan Chase maintains it does not close accounts for political reasons.

Trump issued an executive order in August aimed at directing regulators to target debanking. In December, a government report found nine banks restricted services for exposure to reputational harm, including companies in the oil and gas and adult entertainment industries.