JPMorgan has denied the claims, saying the account closures were based solely on legal and regulatory risks. | Photo credit: Eduardo Munoz/Reuters
The lawsuit, filed in Miami-Dade County District Court in Florida, alleges that JPMorgan abruptly closed multiple accounts in February 2021 with just 60 days’ notice and without explanation. In doing so, Trump claims JPMorgan cut the president and his companies out of millions of dollars, disrupted their operations and forced Trump and the companies to urgently open bank accounts elsewhere.
“JPMC debanked (Trump and his companies) because it believed the current political tide favored it,” the lawsuit alleges.
In a statement, JPMorgan said it “regrets” that Trump sued them but insisted they did not close the accounts for political reasons.
“We believe that the lawsuit has no merit whatsoever,” a bank spokesperson said. “JPMC does not close accounts for political or religious reasons. We do close accounts because they pose legal or regulatory risk to the company.”
Published on January 23, 2026
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