JPMorgan says Trump still has an active account amid $5B lawsuit

The receipts

JPMorgan Chase is going hard on its defense against a $5 billion “debanking” lawsuit from President Trump and his family companies. The bank dropped a new filing in Manhattan federal court this Tuesday, and they’re calling total cap on the claims that they blacklisted him for political reasons.

Here’s the tea: JPMorgan says they actually still keep one of Trump’s personal accounts open to this day. They also noted that some of the plaintiffs named in the suit have since opened new accounts with the bank.

The legal drama

Trump and his companies first sued the bank and CEO Jamie Dimon back in January. The core allegation? That the bank shut down their accounts in 2021 as a political power move and then blacklisted them from the rest of the financial world. Trump even claimed he confronted Dimon directly about it, and that the CEO ghosted him after promising to look into it.

JPMorgan’s legal team is pushing back, arguing that the original account agreements gave both sides the right to close accounts whenever, for any reason—or no reason at all. They also pointed out that the accounts were closed in April 2021, and the lawsuit didn’t land until almost five years later. They claim the suit is lowkey lacking evidence, noting that Trump failed to name specific banks that refused to work with him or prove the actual financial damages he's claiming.

Why it matters

This isn't just one battle. JPMorgan and other major players like Bank of America and Wells Fargo are currently under fire following a federal report from the Office of the Comptroller of the Currency. That report found that some banks have used vague “reputational risk” policies to deny services based on political or religious views. While JPMorgan admits their WePay subsidiary had some processes that “did not meet our expectations,” they maintain their current policies strictly prohibit discrimination based on politics or religion. Trump’s legal team isn't backing down, though, saying they are fighting for everyone who has been “wrongly de-banked.”