U.S. President, Donald Trump, has filed a $5 billion lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, accusing the bank of “debanking” him for political reasons.
The lawsuit, filed Thursday in Miami-Dade County, Florida, claims the nation’s largest bank closed multiple accounts belonging to Trump and his companies to ride a “political tide.”
Trump alleges the move caused serious reputational harm and forced him to seek new banking relationships.
Trump also claims Dimon created a “malicious blacklist” warning other banks against doing business with the Trump Organisation, the President himself, and his family.
JPMorgan has strongly denied the allegations.
“While we regret President Trump has sued us, we believe the suit has no merit,” the bank said. “We respect the President’s right to sue us and our right to defend ourselves.”
It added that account closures are based on legal or regulatory risk, not politics or religion.
This lawsuit follows a series of Trump claims against other banks, including Bank of America, which he has accused of similar “debanking” practices.
He has also criticised the financial sector over high credit card interest rates, advocating a 10% cap, a move Dimon said could limit credit access for many Americans and cause an “economic disaster.”
At the same time, some industry executives have welcomed parts of the Trump administration’s deregulatory efforts, noting they could cut bureaucracy, boost profits, and spur economic growth.
The case is set to attract major attention, given Trump’s political prominence and Dimon’s status as one of the most influential figures in American finance.