{"id":427921,"date":"2026-01-23T11:24:17","date_gmt":"2026-01-23T11:24:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/427921\/"},"modified":"2026-01-23T11:24:17","modified_gmt":"2026-01-23T11:24:17","slug":"trump-sues-jpmorgan-for-5-billion-accusing-bank-of-closing-accounts-for-political-reasons","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/427921\/","title":{"rendered":"Trump sues JPMorgan for $5-billion, accusing bank of closing accounts for political reasons"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

JPMorgan Chase chairman and CEO Jamie Dimon during the World Economic Forum annual meeting in Davos on Jan. 21.FABRICE COFFRINI\/AFP\/Getty Images<\/p>\n

President Donald Trump<\/a> sued banking giant JPMorgan Chase JPM-N<\/a> and its CEO Jamie Dimon for US$5-billion on Thursday over allegations that JPMorgan stopped providing banking services to him and his businesses for political reasons after he left office in January, 2021.<\/p>\n

The lawsuit, filed in Miami-Dade County court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February, 2021, with just 60 days notice and no explanation. By doing so, Trump claims JPMorgan and Dimon cut the President and his businesses off from millions of dollars, disrupted their operations and forced Trump and the businesses to urgently open bank accounts elsewhere.<\/p>\n

\u201cJPMC debanked [Trump and his businesses] because it believed that the political tide at the moment favored doing so,\u201d the lawsuit alleges.<\/p>\n

In the lawsuit, Trump alleges he tried to raise the issue personally with Dimon after the bank started to close his accounts, and that Dimon assured Trump he would figure out what was happening. The lawsuit alleges Dimon failed to follow up with Trump. <\/p>\n

Further, Trump\u2019s lawyers allege that JPMorgan placed the President and his companies on a reputational \u201cblacklist\u201d that both JPMorgan and other banks use to keep clients from opening accounts with them in the future.<\/p>\n

In a statement, JPMorgan said it believes the suit has no merit.<\/p>\n

Trump\u2019s Greenland deal could include U.S. sovereignty over military bases, mineral rights<\/a><\/p>\n

Trump threatened to sue JPMorgan Chase last week at a time of heightened tensions between the White House and Wall Street. The President said he wanted to cap interest rates on credit cards at 10 per cent to help lower costs for consumers. Chase is one of the largest issuers of credit cards in the country and a bank official told reporters that it would fight any effort by the White House or Congress to implement a rate cap on credit cards. Bank industry executives have also bristled at Trump\u2019s attacks on the independence of the Federal Reserve.<\/p>\n

Debanking occurs when a bank closes the accounts of a customer or refuses to do business with a customer in the form of loans or other services. Once a relatively obscure issue in finance, debanking has become a politically charged issue in recent years, with conservative politicians arguing that banks have discriminated against them and their affiliated interests.<\/p>\n

Debanking first became a national issue when conservatives accused the Obama administration of pressuring banks to stop extending services to gun stores and payday lenders under \u201cOperation Choke Point.\u201d<\/p>\n

Trump and other conservative figures have alleged that banks cut them off from their accounts under the umbrella term of \u201creputational risk\u201d after the Jan. 6, 2021, attack on the U.S. Capitol. Since Trump came back into office, the President\u2019s banking regulators have moved to stop any banks from using \u201creputational risk\u201d as a reason for denying service to customers.<\/p>\n

\u201cJPMC\u2019s conduct … is a key indicator of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views,\u201d Trumps lawyers wrote in the lawsuit.<\/p>\n

Trump accuses the bank of trade libel and accuses Dimon himself of violating Florida\u2019s Unfair and Deceptive Trade Practices Act.<\/p>\n

In its statement, JPMorgan said that it \u201cregrets\u201d that Trump sued the bank but insisted it did not close the accounts for political reasons.<\/p>\n

\u201cJPMC does not close accounts for political or religious reasons,\u201d a bank spokesperson said. \u201cWe do close accounts because they create legal or regulatory risk for the company.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: JPMorgan Chase chairman and CEO Jamie Dimon during the World Economic Forum annual…\n","protected":false},"author":2,"featured_media":427922,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-427921","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/427921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=427921"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/427921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/427922"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=427921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=427921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=427921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}