{"id":259254,"date":"2026-01-23T05:45:12","date_gmt":"2026-01-23T05:45:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/259254\/"},"modified":"2026-01-23T05:45:12","modified_gmt":"2026-01-23T05:45:12","slug":"donald-trump-sues-jpmorgan-and-ceo-for-5bn-over-claims-it-unfairly-closed-his-accounts-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/259254\/","title":{"rendered":"Donald Trump sues JPMorgan and CEO for $5bn over claims it unfairly closed his accounts \u2013 The Irish Times"},"content":{"rendered":"

US president Donald Trump<\/a> has sued JPMorgan Chase and its chief executive Jamie Dimon,<\/a> seeking at least $5 billion (\u20ac4.2 billion) in damages over claims the biggest US bank unfairly closed his accounts for political reasons.<\/p>\n

The lawsuit is a significant escalation in a simmering dispute between Mr Trump and the Wall Street group around the question of whether he and others were denied banking access for political reasons.<\/p>\n

The US president and several Trump-branded businesses sued JPMorgan in a Miami-Dade County state court on Thursday. They accused the lender of distancing itself from Mr Trump and his affiliated companies after he left office in 2021 as a result of \u201cunsubstantiated, \u2018woke\u2019 beliefs\u201d.<\/p>\n

The complaint alleges the bank\u2019s \u201cunilateral decision came about as a result of political and social motivations\u201d to separate itself from \u201cPresident Trump and his conservative political views\u201d.<\/p>\n

JPMorgan debanked the accounts \u201cbecause it believed that the political tide at the moment favoured doing so\u201d, the complaint claimed.<\/p>\n

Mr Trump alleged JPMorgan notified the plaintiffs on February 19th, 2021, that several of their accounts would be closed in two months, causing them financial and reputational harm.<\/p>\n

\"\"Old order \u2018not coming back\u2019 as Trump overshadows World Economic Forum<\/p>\n

The lawsuit also alleges Mr Dimon directed JPMorgan to include Mr Trump and his companies on a \u201cblacklist\u201d that is \u201ccomprised of individuals and entities that have a history of malfeasant acts and are otherwise non-compliant\u201d with bank rules.<\/p>\n

JPMorgan on Thursday said: \u201cWhile we regret President Trump has sued us, we believe the suit has no merit. We respect the president\u2019s right to sue us and our right to defend ourselves \u2013 that\u2019s what courts are for.\u201d<\/p>\n

The bank added it does not close accounts for political or religious reasons nor because they \u201ccreate legal or regulatory risk for the company\u201d, and that it often does so because of rules and regulatory expectations.<\/p>\n

The lawsuit comes a day after Mr Dimon praised Mr Trump at the World Economic Forum in Davos, saying the US president was right to point out \u201cweaknesses\u201d in Nato (North Atlantic Treaty Organisation) and within Europe and commended his efforts to rebalance America\u2019s trade partnerships.<\/p>\n

But JPMorgan\u2019s chief executive said he was \u201cnot a tariff guy in general\u201d and warned that Mr Trump\u2019s plan to cap interest rates on credit cards would be an \u201ceconomic disaster\u201d.<\/p>\n

Mr Trump has attacked US banks over their reluctance to offer him banking services in the aftermath of his departure from the White House in 2021. JPMorgan disclosed in November last year that the US government was investigating whether it provided fair banking access to its customers.<\/p>\n

JPMorgan said: \u201cWe have been asking both this administration and prior administrations to change the rules and regulations that put us in this position, and we support the administration\u2019s efforts to prevent the weaponisation of the banking sector.\u201d<\/p>\n

Lenders consistently say they do not deny banking access on political grounds, but note the added oversight required for certain customers or suspicious activity can lead to relationships being terminated. This can include so-called politically exposed people (PEPs) or individuals with activities in controversial industries such as marijuana.<\/p>\n

Banks have to conduct additional checks when signing on PEPs. These individuals are considered more susceptible to money laundering or terrorist financing because of their profile and connections.<\/p>\n

This is the latest lawsuit unleashed by Mr Trump in his second presidency, as he pursues legal broadsides against his perceived opponents in his personal capacity as well as, critics say, via the Department of Justice (DoJ). The DoJ has rejected accusations of political interference.<\/p>\n

Mr Trump has also targeted media companies, suing the BBC last month for $10bn<\/a> over a misleading edit of his speech in a documentary. On Thursday, he threatened more legal action against the New York Times after it published a poll showing his weak approval ratings. \u2013 Copyright The Financial Times Limited 2026<\/p>\n","protected":false},"excerpt":{"rendered":"US president Donald Trump has sued JPMorgan Chase and its chief executive Jamie Dimon, seeking at least $5…\n","protected":false},"author":2,"featured_media":259255,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,969,61,60,9207,21446],"class_list":{"0":"post-259254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-donald-trump","10":"tag-ie","11":"tag-ireland","12":"tag-jamie-dimon","13":"tag-jp-morgan-chase"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/259254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=259254"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/259254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/259255"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=259254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=259254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=259254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}