President Donald Trump has filed a massive $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon, accusing the nation's largest bank of politically motivated "debanking" following the January 6, 2021, Capitol events. The lawsuit, filed on Thursday, January 22, 2026, in Florida state court by attorney Alejandro Brito, alleges JPMorgan abruptly terminated multiple accounts tied to Trump and his hospitality businesses without warning or remedy.
The complaint centers on events from February 19, 2021, when JPMorgan allegedly notified Trump that several accounts would be terminated in just two months, despite decades of banking with the institution and "hundreds of millions of dollars" in transactions. Trump's legal team argues this violated the bank's own code of conduct and constituted trade libel, breach of the implied covenant of good faith and fair dealing, and a violation of Florida's Unfair and Deceptive Trade Practices Act.
One of the most serious allegations is that JPMorgan placed Trump, the Trump Organization, and affiliated entities on an internal blacklist shared among federally regulated banks, which the lawsuit calls "an intentional and malicious falsehood" that induced other institutions to refuse service. Trump previewed the lawsuit on Truth Social, stating he would sue for "incorrectly and inappropriately DEBANKING me after the January 6th Protest."
JPMorgan has firmly denied the allegations. Spokesperson Trish Wexler stated the lawsuit "lacks any merit" and that the bank does not close accounts for political or religious beliefs. CEO Jamie Dimon has previously pointed to regulatory pressure, telling lawmakers in 2025 that "rules and requirements are so onerous" they can inadvertently force debanking.
The lawsuit arrives amidst a shifting landscape for both parties. Trump has issued an executive order in August 2025 targeting debanking, and his businesses have increasingly turned to crypto-based fundraising, NFTs, and blockchain projects. Simultaneously, JPMorgan's stance on digital assets has evolved dramatically from Dimon's past criticism of Bitcoin as a "fraud" and "pet rock." By late 2025, Dimon acknowledged he was "wrong" about aspects of the technology, and the bank has begun offering Bitcoin exposure to clients, exploring crypto trading, and planning to accept Bitcoin and Ether as loan collateral.
