By Trendsetter Tribune 
U.S. President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, accusing the bank of unlawfully closing his accounts in what he describes as politically motivated “debanking.”
The lawsuit, filed Thursday in Florida state court in Miami, alleges that JPMorgan terminated several of Trump’s personal and business accounts without warning. Trump claims the bank violated its own policies and targeted him in order to align with political pressure following the January 6, 2021, Capitol unrest.
In the complaint, Trump said JPMorgan acted to “ride the political tide,” despite publicly claiming for more than two centuries that it treats customers fairly and with respect. He argues the account closures caused financial and reputational harm to him and his businesses.
JPMorgan Chase rejected the claims, saying the lawsuit lacks merit. In a statement, the bank said it does not close accounts based on political or religious beliefs, but instead due to legal or regulatory risks.
“JPMC does not close accounts for political or religious reasons,” the bank said. “We regret having to close accounts, but regulatory expectations sometimes require such actions.”
The White House said it would refer questions about the case to President Trump’s outside legal counsel.
The lawsuit comes amid increasing political scrutiny of major U.S. banks. Conservative leaders, including President Trump, have accused financial institutions of discriminating against certain individuals and industries under so-called “woke” policies. Banks have denied those allegations.
Federal regulators have acknowledged that large banks previously restricted services to some controversial industries, a practice commonly referred to as debanking. In response, regulators have recently moved to loosen oversight tied to vague “reputational risk” standards, which banks argue were subjective and unfair.
Shares of JPMorgan Chase rose slightly following news of the lawsuit.
The case is expected to further intensify debate over political bias, regulatory pressure, and the power banks hold over access to financial services.