Trump Sues JPMorgan Chase Over Alleged Debanking

President Donald Trump has filed a lawsuit against JPMorgan Chase over alleged debanking, the bank confirmed to The Epoch Times.

Alejandro Brito, the president’s personal attorney, filed a $5  billion lawsuit on Jan. 22 in Miami’s Florida state court on behalf of the president and his hospitality companies.

Following the January 2021 breach of the U.S. Capitol, the largest bank in the United States shuttered the accounts of Trump and his related entities.

The lawsuit states that the financial institution’s “unilateral decision” resulted from “political and social motivations” and its “‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”

“In essence, [JPMorgan Chase] debanked Plaintiffs’ Accounts because it believed that the political tide at the moment favored doing so,” the suit states.

Trump’s attorney also cited the company’s code of conduct that states that the bank maintains high expectations and holds itself accountable.

The bank’s website reads: “We do the right thing—not necessarily the easy or expedient thing. We abide by the letter and spirit of the laws and regulations everywhere we do business and have zero tolerance for unethical behavior.”

According to the court documents, “Despite claiming to hold these principles dear, [JPMorgan Chase] violated them by unilaterally—and without warning or remedy—terminating several of Plaintiff’s bank accounts.”

JPMorgan Chase told The Epoch Times that the case “has no merit.”

“[JPMorgan Chase] does not close accounts for political or religious reasons,” it stated. “We do close accounts because they create legal or regulatory risk for the company.

“We regret having to do so, but often rules and regulatory expectations lead us to do so.”

The bank stated that it has repeatedly urged the current and previous administrations to reform the rules and regulations that led to these circumstances.

“We support the administration’s efforts to prevent the weaponization of the banking sector,” it stated.

This comes days after the president threatened on social media to sue JPMorgan Chase.

“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the Jan. 6 Protest, a protest that turned out to be correct for those doing the protesting,” Trump said in a Jan. 17 Truth Social post.

“The Election was RIGGED!”

This past summer, the president issued an executive order directing banks to ensure that they are not withholding financial services from clients because of their political or religious beliefs.

At last year’s World Economic Forum, Trump urged bank executives to “start opening [their banks] to conservatives.”

In recent years, some conservative and Christian organizations have claimed that they have been victims of debanking.

“Everyone needs access to basic financial services,” Brian Knight, senior counsel at the Alliance Defending Freedom, a leading advocate against ideological debanking, told The Epoch Times in August 2025. “No American should have to worry that they could lose their bank account or have a payment declined because of their religious or political beliefs.”

In a joint statement in the same month, the Bank Policy Institute, American Bankers Association, Consumer Bankers Association, and Financial Services Forum said it is in the financial institutions’ best interests to accept deposits, lend to clients, and support their customers.

“Unfortunately, regulatory overreach, supervisory discretion, and a maze of obscure rules have stood in the way,” the group said.

JPMorgan Chase (JPM) share prices were little changed following the news, rising by about 1 percent during the Jan. 22 trading session.

The stock has declined by 6 percent so far this year.

Kevin Stocklin contributed to this report.