Trump Sues JPMorgan: $5 Billion Lawsuit Over 'Debanking' Claims

Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase, accusing them of debanking. Trump's attorney, Alejandro Brito, claims the bank terminated several accounts without warning. JPMorgan denies the allegations, stating accounts are closed due to legal or regulatory risks, not political reasons.

U.S. President Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase, accusing the banking giant of debanking him and some of his hospitality enterprises. Trump's legal action, filed by his attorney Alejandro Brito, brings allegations that the bank abruptly closed several of his accounts without prior notice.

The lawsuit emerges amid claims from Trump that the closures are linked to his political stance, particularly following the January 6, 2021, Capitol attack. JPMorgan, however, refutes these claims, insisting the account closures were conducted due to legal or regulatory risks, not political motives.

This legal battle is set against a backdrop of growing political scrutiny on banking practices. Recent movements suggest banks are under pressure for allegedly adopting politically motivated decisions, notably from conservative circles claiming discrimination against industries like firearms and fossil fuels.