Trump Files $5 Billion Lawsuit Against 'Emperor of Wall Street' Dimon, Alleging Account Closures for Political Reasons

Accounts Closed After January 6 Capitol Riot in 2021
Trump's Team Claims It Was Driven by 'Woke' Beliefs
JPMorgan Denies Political Motive, Cites Federal Regulations

Donald Trump, President of the United States, has filed a lawsuit against JPMorgan Chase and Jamie Dimon, its Chairman and Chief Executive Officer (CEO), alleging that the bank unjustly closed his and his related entities' accounts in the past. By seeking at least 5 billion dollars (approximately 7.3 trillion won) in damages, Trump-often called the world's top 'strongman'-and Dimon-known as the 'Emperor of Wall Street'-are set to engage in an unprecedented legal battle.

Donald Trump, President of the United States (right), and Jamie Dimon, Chairman and Chief Executive Officer (CEO) of JPMorgan. Bloomberg

On January 22 (local time), President Trump’s legal team stated in a complaint filed with the Miami-Dade County court in Florida that JPMorgan unilaterally closed the accounts of President Trump and his related entities in early 2021.

Trump’s team claimed that this action was a unilateral termination of a long-standing banking relationship and a discriminatory decision motivated by political reasons. The timing of the account closures coincided with the aftermath of the January 6, 2021, storming of the U.S. Capitol by Trump supporters, as well as the period when Trump left the White House following his election defeat and the end of his first term. President Trump had previously signaled over the past weekend that he would file this lawsuit.

Trump’s team is seeking at least 5 billion dollars in damages, asserting that JPMorgan’s decision caused significant financial and reputational harm.

The complaint states, "Plaintiffs are convinced that JPMorgan’s unilateral decision was driven by political and social motivations and by an unfounded 'woke' belief that the bank needed to distance itself from President Trump and his conservative political views," adding, "Essentially, JPMorgan determined that the prevailing political climate at the time made it advantageous to close the plaintiffs’ accounts."

However, Trump’s team also asserted that JPMorgan did not provide sufficient explanation for the account closures at the time, but later learned that the action was prompted by political discrimination. Nevertheless, the complaint does not specify any concrete evidence or supporting materials for this claim.

JPMorgan immediately refuted these allegations. In a statement, the bank denied that President Trump’s accounts were closed for political reasons, stating that the decision was made in accordance with federal regulations and laws.

This lawsuit is expected to reignite the 'debanking' controversy within the U.S. financial sector. Debanking refers to financial institutions terminating relationships with customers based on political views or reputational concerns. President Trump and other conservative figures have criticized Wall Street banks for allegedly discriminating against individuals and industries such as firearms and fossil fuels based on progressive political leanings.