Trump Sues JPMorgan for $5 Billion Over Debanking Claims

[LetMyPeopleVote]

32. MaddowBlog-The absurd claim at the heart of Trump's suit against JPMorgan Chase

“You’re not allowed to do what they did,” the president said of the banking giant, making a claim that’s difficult to take seriously.

After Jan 6, JPMorgan Chase saw a scandal-plagued politician with a history of bankruptcies and business failures taking dangerous steps to overturn an election. It effectively said, “Let's not do business with this guy anymore.”

Five years later, Trump decided this entitles him to billion.

— Steve Benen (@stevebenen.com) 2026-01-23T20:34:48.092Z

https://www.ms.now/rachel-maddow-show/maddowblog/trump-jpmorgan-chase-suit-jamie-dimon

In fact, last summer the president appeared on CNBC and whined for a quite a while about how banks in general (and JPMorgan Chase in particular) had “discriminated against me very badly.” Around the same time, the Republican signed an executive order that directed federal regulators to investigate banks in search of evidence of political discrimination.

This week, he went even further. My MS NOW colleague Erum Salam reported:

President Donald Trump on Thursday sued JPMorgan Chase and its CEO, Jamie Dimon, for closing his accounts five years ago and allegedly putting him and his family on a ‘blacklist.’

The lawsuit centers on the banking giant’s closure of several accounts linked to Trump in the wake of the Jan. 6, 2021, attacks on the U.S. Capitol by a mob of MAGA supporters. Trump is seeking at least $5 billion in damages.

In the complaint, filed in Miami-Dade County, Florida, the president alleged, among other things, that JPMorgan Chase engaged in “debanking” after Trump’s role in the assault on the Capitol, as part of the bank’s “woke” beliefs.....

That position seems likely to prevail. Trump’s argument, in a nutshell, is that JPMorgan Chase saw a scandal-plagued politician with a history of bankruptcies and business failures taking dangerous steps to remain in office after he lost an election. At that point, the bank effectively said, “Maybe we shouldn’t be doing business with this guy.”

Five years later, Trump decided that this conclusion was “woke” and that it entitles him to at least $5 billion in damages.

It’s difficult to say why exactly the president waited five years to file this civil suit, though it’s worth noting for context that Jamie Dimon, the bank’s CEO (who is also a defendant in the case), said in November that he wouldn’t donate to Trump’s White House ballroom vanity project.