Gokhan Ergocun
23 January 2026•Update: 23 January 2026
ISTANBUL
US President Donald Trump on Thursday filed a lawsuit of at least $5 billion against JPMorgan Chase, alleging that the lender "unilaterally and without warning" terminated banking services over "political and social motivations."
The complaint claims that the bank's decision to stop offering services to Trump and his businesses was driven by "unsubstantiated, 'woke' beliefs" and a desire to distance itself from Trump's conservative political views.
The filing, which accuses the bank of trade libel and breach of implied covenant of good faith, requests a jury trial and demands judgment for all available damages, asking for an award of at least $5 billion.
It claims that JPMorgan sent a letter on Feb. 19, 2021, stating that the related accounts would be closed on April 19 the same year, giving the Trump organizations only 60 days to move their funds.
Trump's lawyers argue this action was similar to "Operation Choke Point," in which the Department of Justice allegedly targeted conservative businesses.
The lawsuit alleges that JPMorgan placed Trump on a "blacklist" to stop other banks from working with him.
It argues that the lender's conduct was a key indicator of a "systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views."
It claims the bank's actions violate Florida law regarding unfair and deceptive trade practices.
