Former U.S. President Donald Trump has initiated a $5 billion lawsuit against JPMorgan Chase (JPMC) and its CEO Jamie Dimon, reviving scrutiny of a 2021 decision by the bank to close accounts linked to Trump and affiliated entities. The lawsuit, filed in a Florida state court on January 23, 2026, alleges the closures were politically motivated following the January 6, 2021, Capitol riot.
Trump’s legal team claims the bank violated contractual obligations and acted with bias, citing the timing of the closures in February 2021. JPMorgan has dismissed the lawsuit as baseless, with spokesperson Patricia Wexler stating, "JPMC does not close accounts for political or religious reasons."
This case highlights lingering tensions between financial institutions and politically polarizing figures, with potential implications for U.S.-Asia business relations. Analysts suggest the outcome could influence how global banks navigate regulatory and reputational risks in politically sensitive markets.
