"JPMorgan Refutes $5 Billion 'Debanking' Lawsuit: 'No Evidence for Trump's Blacklist'"

by Ryu Hyunseok

Published 15 Apr.2026 10:04(KST)

JPMorgan Chase refuted the lawsuit logic presented by U.S. President Donald Trump, stating that "it makes no sense." The company argued that the blacklist alleged by President Trump is ambiguous in nature, and that no clear evidence has been provided to support its existence.

U.S. President Donald Trump. Photo by AP Yonhap News

According to Bloomberg News on April 14 (local time), JPMorgan responded by stating that both the existence and the grounds for the "blacklist" claimed by President Trump are unclear.

In January, shortly after he stepped down as president in February 2021, President Trump alleged that JPMorgan had unjustly closed his and several of his businesses' bank accounts. He further claimed that, under the direction of CEO Jamie Dimon, JPMorgan had placed the names of his businesses on a "blacklist," and subsequently filed a lawsuit seeking 5 billion dollars in damages. The lawsuit centers around so-called "debanking," or restricted access to banking services.

In documents submitted to the U.S. District Court in Miami, Florida, attorneys representing JPMorgan and CEO Dimon stated, "The defendants are not aware of the existence of any so-called blacklist," and added, "Therefore, the defendants can only respond to the plaintiff's vague and conclusory claims." They also pointed out that President Trump failed to explain what the industry blacklist in question is and did not present any facts demonstrating that such a list actually exists.

This argument arose as JPMorgan sought to move the case to the U.S. District Court in Manhattan, New York. Initially, President Trump filed the lawsuit against JPMorgan and CEO Dimon in the Miami-Dade County state court in Florida. Last month, after the case was transferred to the federal court in Miami, JPMorgan requested that it be moved again to New York.

President Trump argues that this lawsuit is different in nature from typical disputes, which are generally required by account agreements to be handled in New York, and therefore claims that the relevant provision does not apply. In other words, he wishes for the lawsuit to proceed in Florida. Meanwhile, JPMorgan contends that, even if President Trump provided evidence to support his claims, the account agreement stipulates that the case should be handled in New York.