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Donald Trump sues JPMorgan and CEO Dimon for $5bn over debanking

US president claims lender unfairly closed his accounts for political reasons

Donald Trump has sued JPMorgan Chase and its chief executive Jamie Dimon, seeking at least $5bn in damages over claims the biggest US bank unfairly closed his accounts for political reasons.

The lawsuit is a significant escalation in a simmering dispute between Trump and the Wall Street group around the question of whether he and others were denied banking access for political reasons.

The US president and several Trump-branded businesses sued JPMorgan in a Miami-Dade County state court on Thursday. They accused the lender of distancing itself from Trump and his affiliated companies after he left office in 2021 as a result of “unsubstantiated, ‘woke’ beliefs”.

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