President Trump Sues Jamie Dimon and JPMorgan Chase in ‘Woke’ Banking Dispute

President Donald Trump on Thursday sued JPMorgan Chase (JPM) and its CEO Jamie Dimon, alleging the bank illegally closed his accounts in 2021 for political reasons. 

The lawsuit alleges that JPMorgan “without warning” informed Trump in mid-February, a month and a half after the January 6 riots at the U.S. Capitol, that it would close his accounts in two months. Trump was denied recourse and suffered “considerably financial harm and losses” because of the decision, according to the lawsuit.

Suit Points to Political Motivations

The suit asserts JPMorgan’s decision to cut ties with Trump is part of a wider push by banks to deny services on the basis of political affiliation, an effort that the president insists disproportionately affects conservatives. 

JPMorgan’s “unilateral decision came about as a result of political and social motivations, and [the bank’s] unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views,” the lawsuit alleges. 

Trump is seeking “at least” $5 billion in damages, costs and other relief, according to the suit.

JPMorgan Cites Legal, Regulatory Risks

The bank denied it closes accounts on the basis of political or religious affiliation, instead saying it acts when accounts “create legal or regulatory risk for the company.” 

“While we regret President Trump has sued us, we believe the suit has no merit,” said JPMorgan Chase in a statement on Thursday. 

“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 this Administration’s efforts to prevent the weaponization of the banking sector,” the company added. 

Dimon and Trump Have Been at Odds Lately

The lawsuit was the latest evolution in the back-and-forth between Trump and Dimon—who has at times contemplated his own presidential campaign—as well as the president’s attempts to combat what he calls “debanking” of conservatives. Trump in August signed an order meant to punish banks and financial institutions that deny service based on political or religious ideology 

A year ago in remarks to the World Economic Forum, Trump targeted JPMorgan, as well as Bank of America (BAC), saying “I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank.”

“We have never and would never close an account for political reasons, full stop,” a JPMorgan Chase statement read at the time.

Dimon has also taken positions that put him at odds with Trump, lately speaking out about Federal Reserve independence and a proposal to cap interest rates on credit cards.