Trump files $5 billion lawsuit against JPMorgan Chase for 'debanking'

President Donald Trump has initiated a major lawsuit against JPMorgan Chase, seeking damages of at least $5 billion. The complaint, filed on Thursday, accuses the financial giant of unlawfully terminating banking services for Trump and his associated businesses, citing "political and social motivations."

Allegations of politically motivated account closure

The lawsuit claims JPMorgan Chase "unilaterally and without warning" decided to close the accounts. Trump's legal team asserts this move was not based on legitimate business or compliance concerns but was driven by "unsubstantiated, 'woke' beliefs" and an intent to distance the bank from the president's conservative views. The complaint draws a parallel to the Obama-era "Operation Choke Point," alleging a pattern of targeting businesses based on political alignment.

Claims of a coordinated industry 'blacklist'

Beyond the direct account termination, the legal filing makes a broader accusation. It alleges JPMorgan placed Trump on a "blacklist" intended to dissuade other financial institutions from providing him services. This action, the lawsuit argues, is indicative of a "systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views." The complaint frames the bank's conduct as a violation of Florida's laws regarding unfair and deceptive trade practices.

Legal arguments and requested damages

The specific charges in the lawsuit include trade libel and breach of the implied covenant of good faith and fair dealing. The legal team has requested a jury trial and is demanding judgment for all available damages, with the explicit figure cited being "at least $5 billion." The complaint references a letter from the bank dated February 19, 2021, which gave Trump's organizations a 60-day notice to move their funds before account closure on April 19 of that year. This case underscores a growing debate over corporate power, political discrimination, and the limits of financial service provision—a topic of global relevance, including for nations like Türkiye, which emphasize national sovereignty in economic and political affairs.