Former President Donald Trump formally filed a civil lawsuit on Thursday against JPMorgan Chase & Co. (NYSE: JPM) and its Chief Executive Officer Jamie Dimon, alleging that the prominent banking institution ended its long-standing banking relationship with him and his related entities for political reasons. The complaint, lodged in the state court of Miami-Dade County, Florida, seeks compensation exceeding $5 billion in damages.
The core of the lawsuit revolves around the closure of financial accounts held by Trump and his businesses, which reportedly occurred in early 2021 following the violent events at the United States Capitol on January 6 and Trump's subsequent exit from the presidency. The plaintiffs contend that this severance was not based on typical financial or regulatory concerns but was instead motivated by the bank’s political and social perspectives.
Within the court documents, Trump’s legal team accuses JPMorgan Chase of harboring what they characterize as 'woke' bias, implying that the bank's leadership allowed partisan views and social beliefs to influence its decision to dissociate from the former president. The complaint specifically states that JPMorgan's management felt a need to distance the bank from Trump due to his conservative political positions, signaling an ideological rationale behind terminating accounts that had been maintained for multiple decades.
Responding to the allegations, JPMorgan Chase issued a statement categorically denying any politically motivated discrimination. The bank emphasized its respect for the legal process, noting both parties’ rights to litigate and defend their positions respectively. The official comment underscored that JPMorgan Chase does not close banking accounts for political or religious reasons. Instead, the institution maintains that account closures occur solely when accounts present legal or regulatory risks that could impact the company negatively.
This lawsuit emerges against the backdrop of recent public tensions between Jamie Dimon and Donald Trump. Notably, at the World Economic Forum held in Davos, Dimon openly criticized a policy proposal advocated by Trump, which sought to cap credit card interest rates at 10%. Dimon described such a cap as potentially “an economic disaster” and warned it could restrict credit access for roughly 80% of American consumers.
At the time of filing, JPMorgan Chase's stock was trading near recent highs, indicating the company’s robust market positioning despite the emerging legal dispute. The unfolding lawsuit adds to the ongoing scrutiny of how prominent financial institutions interact with politically sensitive clients, particularly in the aftermath of significant national events.
The case will likely prompt close examination of the banking industry's account management protocols and their intersection with political considerations, should such allegations hold merit in court proceedings.