US President Donald Trump has filed a $5 billion lawsuit against JPMorgan Chase & Co. and its chief executive Jamie Dimon, accusing the bank of illegally “debanking” him and his businesses.

Trump filed the case in a Florida state court in Miami-Dade County. He claims the bank closed several accounts linked to him and his hospitality companies because of political bias.

Claims of policy violations and political motive

According to the lawsuit, JPMorgan violated its own internal rules when it shut the accounts. Trump argues the bank acted to align itself with what it viewed as a prevailing “political tide.”

He claims the decisions were not based on financial or legal risk, but on political considerations tied to his public positions and leadership.

Allegation of blacklisting and reputational harm

Trump also accused Jamie Dimon of ordering a secret “blacklist.” He claims this blacklist warned other banks against doing business with him, the Trump Organization, and members of his family.

As a result, Trump said the actions damaged his reputation and forced his businesses to find alternative banking partners under pressure.

JPMorgan rejects accusations

JPMorgan strongly denied the allegations and said the lawsuit has no basis.

“While we regret President Trump has sued us, we believe the suit has no merit,” the bank said.

It added that it does not close accounts for political or religious reasons, and only ends banking relationships when they present legal, regulatory, or compliance risks.

Lawsuit comes amid rising pressure on banks

The case comes as large US banks face increased political scrutiny during Trump’s second term. Trump has previously accused other major lenders, including Bank of America, of cutting ties with conservative clients. Those banks have denied the claims.

At the same time, Trump has angered parts of the financial industry by proposing a 10 per cent cap on credit card interest rates.

Dimon warns against credit card rate cap

Speaking earlier at the World Economic Forum, Dimon criticised the proposed cap. He warned it would limit access to credit and could lead to an “economic disaster.”

However, banking leaders have broadly welcomed the administration’s push for deregulation, even as they oppose certain policy proposals.

Similar cases and regulatory context

In a related case, Capital One Financial is trying to dismiss a similar lawsuit filed last year by Trump-linked plaintiffs, including Eric Trump. That case is still pending.

Meanwhile, banks continue to face political pressure over claims of discrimination. In December, the Office of the Comptroller of the Currency said in a report that large US banks have limited services to certain industries as part of standard risk-management practices.