A major legal battle is unfolding between President Donald Trump and one of the largest financial institutions in the United States. At the center of the dispute is a decision made shortly after the Jan. 6, 2021 Capitol riot.

JPMorgan Chase has now acknowledged that it closed several bank accounts linked to Trump and his businesses, a move that is being scrutinized in a new $5 billion lawsuit accusing the bank of political discrimination.

The case, filed in Miami state court, claims the financial giant effectively “debanked” Trump due to political motivations.

Court Filing Confirms Accounts Were Closed In 2021

New court documents submitted by Dan Wilkening, chief administrative officer for global banking at JPMorgan, confirmed that the bank notified Trump and several of his hospitality companies in February 2021 that certain accounts would be shut down.

Copies of official letters dated Feb. 19, 2021, were included in the filing.

One of the letters, addressed to Jeffrey McConney of The Trump Corporation, clearly stated the bank’s decision.

“JPMorgan Chase Bank, N.A. (‘we’) has decided to close its banking relationship with The Trump Corporation and its affiliated entities.”

Another letter sent directly to Trump delivered a similar message regarding the banking relationship.

“We may determine that a client’s interests are no longer served by maintaining a relationship. … With that in mind, this letter is to respectfully inform you that we will need to end our current relationship.”

Trump Given Deadline To Move Hundreds Of Millions

According to the filing, Trump and his companies were provided time to move their funds to other financial institutions.

Wilkening said the bank worked with Trump’s team to transfer remaining balances in accordance with its standard account agreements.

The accounts, which reportedly handled hundreds of millions of dollars, were given a deadline of April 19, 2021, for funds to be moved before closure.

Trump’s legal team also claims the process created additional challenges when seeking new banking relationships.

His attorneys allege that Bank of America later declined to accept large deposits when Trump attempted to shift funds elsewhere.

Trump Attorneys Claim Political Discrimination

Although the letters provided by JPMorgan did not specify a direct reason for the closures, Trump’s legal team argues the move was politically motivated.

The lawsuit alleges the bank placed Trump and his businesses on a “blacklist” and terminated accounts because of his political views.

Lawyers representing the president stated the accounts were “unlawfully closed due to political discrimination.”

Trump’s attorneys also emphasized that the former president had been a JPMorgan client for decades, with his businesses moving significant financial activity through the bank over the years.

Bank Agreements Allow Account Closures

However, JPMorgan maintains that the closures were consistent with its policies and contractual rights.

Documents shared with the court show that the bank’s account agreements allow either party to terminate a banking relationship with at least 30 days’ written notice, even without a specific cause.

The agreements also permit closures when a customer violates policy requirements or when activities create legal or regulatory risks.

JPMorgan’s compliance framework focuses heavily on issues such as anti money laundering regulations, anti terrorism safeguards, sanctions compliance, and broader legal banking standards.

Under those policies, banks can refuse transactions, freeze funds, or close accounts if they believe activity conflicts with regulatory expectations.

Trump Seeks Jury Trial In $5 Billion Lawsuit

Trump’s attorneys are pursuing multiple legal claims in the case.

These include trade libel, violations of Florida’s unfair and deceptive trade practices act, declaratory relief, and breach of the implied covenant of good faith and fair dealing.

The lawsuit demands a jury trial and seeks $5 billion in damages.

Lawyers argue the account closures caused significant financial and reputational harm.

They also claim the situation reflects a growing trend among financial institutions.

According to the complaint, banks are increasingly cutting off access to financial services when customers hold political views that conflict with corporate leadership.

In the filing, Trump’s legal team wrote they are “confident that JPMC’s unilateral decision came about as a result of political and social motivations, and JPMC’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”

The complaint further argued that “In addition to the considerable financial and reputational harm that Plaintiffs and their affiliated entities suffered, JPMC’s reckless decision is leading a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution.”

JPMorgan Says Lawsuit Has No Merit

JPMorgan strongly disputes the allegations.

In a statement addressing the lawsuit, the bank defended its policies and rejected claims of political bias.

“While we regret President Trump has sued us, we believe the suit has no merit,” the company wrote. “We respect the President’s right to sue us and our right to defend ourselves — that’s what courts are for.”

The bank also insisted politics played no role in its decisions.

“JPMC does not close accounts for political or religious reasons,” they continued. “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 this. We 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’s efforts to prevent the weaponization of the banking sector.”

Separate Lawsuit Filed Against Capital One

The legal fight is not limited to JPMorgan.

The Trump Organization and Eric Trump also filed a lawsuit against Capital One in 2025.

That case alleges the bank “unjustifiably” terminated more than 300 accounts tied to the Trump Organization and members of the Trump family in 2021.

Capital One denied those accusations.

At the time, a spokesperson said, “Capital One has not and does not close customer accounts for political reasons.”

As the cases move through the courts, the outcome could shape broader debates over banking access, political neutrality, and financial industry regulations in the United States.