President Donald Trump has filed a $5 billion lawsuit in Miami against JPMorgan Chase and its chief executive Jamie Dimon, alleging the bank improperly severed his banking relationships after Jan. 6, 2021, and discriminated against him for political reasons. The complaint, submitted by Trump's personal attorney Alejandro Brito, asserts that JPMorgan "debanked" Trump and related entities without recourse.
JPMorgan rejected the claims. "While we regret that President Trump has sued us, we believe the suit has no merit. We respect the president's right to sue us and our right to defend ourselves - that's what courts are for," the bank said. A spokesperson added that the firm does not close accounts for political or religious reasons, noting: "We regret having to do so, but often rules and regulatory expectations lead us to do so."
The lawsuit alleges that JPMorgan blacklisted Trump, members of his family, the Trump Organization and affiliated entities, contending that the bank's actions were unilateral and politically motivated. Trump has said that multiple banks declined his deposits following the Capitol riot, a claim JPMorgan disputes while reiterating its position that "no one's account should ever be closed because of political or religious beliefs."
The case lands as Dimon has publicly weighed in on broader policy disputes with the administration. He recently defended Jerome Powell, amid a criminal investigation launched by Trump's Justice Department, saying he has "enormous respect for Jay Powell, the man," and warning that "anything that chips away at [the Fed's] independence is not a good idea."
Speaking at the World Economic Forum in Davos, Dimon also criticized Trump's proposal to cap credit-card interest rates at 10% for the first year, cautioning that such a move could trigger an "economic disaster." He added that the U.S. has become less reliable under Trump's leadership.
The legal clash coincides with a marked reshaping of the Trump family's finances toward digital assets. Since Trump's second inauguration, the family has expanded holdings across a social media company, a cryptocurrency platform and a memecoin branded to the former president. According to the Bloomberg Billionaires Index, the family's net worth now stands at about $6.8 billion.
Key figures cited by advisers and market trackers include:
- $5 billion sought in damages from JPMorgan and Dimon
- ~$1.4 billion increase in family wealth over the past year tied to crypto investments
- $6.8 billion estimated Trump family net worth
The crypto pivot has been reinforced by policy. Bitcoin and related assets surged over the past year amid crypto-friendly legislation and regulatory settlements following Trump's appointments. The administration has framed the effort as part of a pledge to make the U.S. a global crypto hub.
Family members have linked the strategy to earlier banking disputes. Trump's eldest sons have accused JPMorgan of cutting ties with the Trump Organization out of political bias. "Having been cancelled by banks, out of political malice, led us to many incredible opportunities, as we redefine the future of finance," Eric Trump said.
