Donald Trump files $5 billion lawsuit against JPMorgan for debanking him after January 6 riots
Trump had said over the weekend he plans to sue JPMorgan sometime in the next two weeks for allegedly "debanking" him following the attack on the US Capitol by his supporters.
JP Morgan said it does not close accounts for political or religious reasons. (Photo: Reuters)
US President Donald Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon seeking $5 billion in damages for allegedly debanking him in the wake of the January 6, 2021, riots at the Capitol Hill.
Trump sues JP Morgan Chase
Trump’s attorney Alejandro Brito filed the lawsuit Thursday morning in Florida state court in Miami on behalf of the president and several of his hospitality companies, a Fox Business report said. “Despite claiming to hold these principles (the bank’s code of conduct) dear, JPMC violated them by unilaterally – and without warning or remedy – terminating several of Plaintiff’s bank accounts,” the lawsuit claimed.
A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. (Photo: REUTERS/File)
What JPMorgan said
“While we regret President Trump has sued us, we believe the suit has no merit. We respect the President’s right to sue us and our right to defend ourselves,” JPMorgan said in a statement. “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so,” the bank added.
Trump had said over the weekend he plans to sue JPMorgan sometime in the next two weeks for allegedly “debanking” him following the attack on the US Capitol by his supporters, who refused to accept his defeat in the 2020 elections and violently tried to prevent the certification of Joe Biden as the 46th President.
Fallout of January 6 riots
Trump, who repeatedly refused to accept his defeat, was also accused of instigating his supporters, who went on a rampage. Following the unprecedented incident, Trump was also booted out by most social media platforms, including Twitter, Facebook, Instagram, and YouTube.
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Following his 2024 election victory, both Facebook and Twitter (X) settled with Trump, paying $25 million and $10 million respectively.
The lawsuit against JPMorgan Chase is the second such act by Trump in recent months over the January 6 riots.
In December Trump filed a $10 billion lawsuit against the BBC, accusing the broadcaster of “intentionally and maliciously” defaming him through deceptive editing in its Panorama documentary, Trump: A Second Chance?, which aired in October 2024.
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JP Morgan said it does not close accounts for political or religious reasons. (Photo: Reuters) 
