JPMorgan Lawsuit: Trump's $5 Billion Suit, the Cash Sweep Case, Zelle and Epstein
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As of September 30, 2026, none of the JPMorgan Chase cases below has a settlement fund or a claim form you can file today. The JPMorgan lawsuit in the headlines is President Trump's $5 billion “debanking” suit, filed January 22, 2026 — his own case over his own accounts, not a class action anyone can join. The case that could one day pay ordinary customers is a proposed class action over the 0.01% interest J.P. Morgan paid on swept brokerage cash; it has not been certified or settled. The Epstein cases against JPMorgan settled in 2023.
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Reviewed by Leonard Goldberg, Editor · Last updated
What Each JPMorgan Case Is About
Debanking (Trump v. JPMorgan Chase Bank). The complaint alleges that JPMorgan closed accounts belonging to Donald Trump and affiliated businesses for political reasons after January 6, 2021. Chase notified the businesses on February 19, 2021 that several accounts would be closed by April 19. The suit accuses the bank of trade libel and its CEO personally of violating Florida's deceptive trade practices law, and seeks at least $5 billion plus a declaration that the bank acted unlawfully. In a February 2026 court filing JPMorgan acknowledged that it told the plaintiffs in February 2021 that certain accounts would be closed; it calls the suit meritless and says it does not close accounts on political grounds.
Cash sweep. Brokerage customers allege that J.P. Morgan Securities moved their idle cash into a deposit account at JPMorgan Chase Bank — the only sweep option offered — and kept the rate frozen at 0.01% from June 2020 even after the Federal Reserve's benchmark rate rose above 5%. The contracts said rates “will vary based on business and economic conditions” and promised retirement accounts “a reasonable rate of interest.”
Zelle. The Consumer Financial Protection Bureau sued JPMorgan Chase, Bank of America and Wells Fargo in December 2024 for, in its words, “allowing fraud to fester on Zelle.” New York's Attorney General later sued Zelle's operator, Early Warning Services, alleging that scammers stole more than $1 billion through the network between 2017 and 2023. JPMorgan Chase is one of the banks that own Early Warning Services; it is not a defendant in the New York case.
Epstein. Survivors alleged that the bank kept Jeffrey Epstein as a client despite knowing of his sex-trafficking scheme. Those claims, and a parallel suit by the U.S. Virgin Islands, were settled in 2023 without any admission of wrongdoing.
Frank. Here JPMorgan was the victim: it paid $175 million for the student-aid startup Frank on the claim of 4.25 million users; according to federal prosecutors, Frank had approximately 300,000.
Case Details
Trump et al. v. JPMorgan Chase Bank, N.A. et al., No. 1:26-cv-21106, U.S. District Court for the Southern District of Florida. Trump filed in Florida state court; JPMorgan removed the case to federal court and asked to move it to New York, where the accounts were held; As of JPMorgan's August 6, 2026 quarterly report, Trump's side was challenging the removal and seeking to send it back to state court.
In re JP Morgan Chase Cash Sweep Program, No. 1:24-cv-06404-LGS-SN, U.S. District Court for the Southern District of New York — several putative class actions consolidated against J.P. Morgan Securities LLC.
Zelle: the CFPB's federal case was dismissed with prejudice on March 5, 2025 at the Bureau's own request. The New York Attorney General's case against Early Warning Services, filed August 13, 2025, is pending in New York state court in Manhattan before Justice Phaedra Perry-Bond.
Epstein: the survivors' class action and the Virgin Islands case were both heard in federal court in Manhattan by Judge Jed Rakoff.
Frank: the criminal case against Frank's founder (United States v. Javice) led to an 85-month prison sentence imposed on September 29, 2025 in federal court in New York by Judge Alvin K. Hellerstein.
Status on September 30, 2026: Active Cases, No Claim Form
Cash sweep — active, not certified. In February 2026 the court trimmed the case but kept the express and implied breach-of-contract claims. On June 17, 2026 the plaintiffs moved to certify a class of at least 1.8 million brokerage and retirement account holders. No settlement, no fund, no claim form. Some state securities regulators have also asked JPMorgan for information about the program.
Zelle — the federal case is over; New York's continues. In July 2026 the New York judge refused to dismiss the Attorney General's case; Zelle says it will appeal.
Epstein — closed. $290 million for survivors and $75 million for the Virgin Islands, both agreed in 2023.
Card fees — merchants only. The long-running interchange case against Visa, Mastercard and banks including JPMorgan has a merchant class seeking rule changes rather than cash; a revised settlement won preliminary approval in June 2026 with a final approval hearing set for November 2026.
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There's no claim deadline yet. We'll email you if a settlement opens a claim period.
Which Case, If Any, Is Yours?
You had a non-managed J.P. Morgan brokerage or retirement account (not an advisory account) with cash swept into Chase since mid-2020. You are likely inside the proposed cash sweep class. There is nothing to sign up for: if the court certifies the class or the case settles, notice goes out to account holders, and a court-approved notice is the only way a claim process would start.
You lost money to a Zelle scam. The CFPB case that named JPMorgan Chase is gone. New York's case asks for restitution for affected New Yorkers, but it is still being litigated, so there is no claim form. When it sued in August 2025, the Attorney General encouraged New Yorkers who lost money to Zelle scams to file a report with her office's Consumer Frauds Bureau. Report the scam to your bank in writing and keep the record.
Chase closed your account. The Trump case is one customer's own lawsuit and does not cover anyone else. The federal bank regulator's review of about 100,000 debanking complaints is the broader process, not a compensation program.
You are an Epstein survivor. The JPMorgan class settlement was approved in 2023; questions go to the lawyers who handled that settlement.
You own a business that takes cards. The interchange case is the one that concerns you, and the pending settlement is about card rules, not a payout.
Is There Money? The Honest Answer
The money that has actually been paid went elsewhere: $290 million to Epstein survivors (the court approved fees of $87 million from it) and $75 million to the U.S. Virgin Islands. In the Frank case the court ordered restitution of $287,501,078, but JPMorgan was the victim there, so that is not a customer fund.
For scale, JPMorgan estimated its reasonably possible losses beyond existing reserves, for the legal proceedings where it could make an estimate, at $0 to about $1.3 billion as of June 30, 2026. That is a firm-wide accounting estimate, not money set aside for anyone. For settlements that are paying now, see our list of open class action settlements.
JPMorgan Lawsuit Timeline
- 1
2023 — Epstein Cases Settle
JPMorgan agrees in June to pay survivors $290 million and in August to pay the U.S. Virgin Islands $75 million, admitting no wrongdoing. Judge Jed Rakoff grants final approval of the survivors' settlement later that year.
- 2
December 20, 2024 — CFPB Sues Over Zelle
The CFPB sues JPMorgan Chase, Bank of America and Wells Fargo over Zelle fraud. On March 4, 2025 the Bureau drops the case with prejudice; the court closes it the next day.
- 3
August 13, 2025 — New York Sues Zelle's Operator
The New York Attorney General sues Early Warning Services, alleging more than $1 billion in fraud losses from 2017 to 2023. In July 2026 a Manhattan judge refuses to dismiss it.
- 4
January 22, 2026 — Trump Sues for $5 Billion
Trump and affiliated businesses sue JPMorgan and its CEO in Florida state court over accounts closed in 2021. JPMorgan removes the case to federal court.
- 5
February 2026 — Cash Sweep Claims Survive
The federal court in Manhattan partly grants JPMorgan's motion to dismiss but keeps the express and implied breach-of-contract claims over the 0.01% sweep rate.
- 6
June 17, 2026 to Now — Class Bid, No Payout
Cash sweep plaintiffs ask to certify a class of at least 1.8 million account holders. As of September 30, 2026 no JPMorgan case covered here has a claim form.
Three Things to Watch For
Big-bank headlines with no claim form attached are an invitation to imposters:
“Chase debanking settlement” sign-ups
The Trump suit is not a class action, and the regulator's review of debanking complaints is not a payout program. A site or caller offering to “add you” to a JPMorgan debanking settlement in exchange for your account details or a fee is selling something that does not exist.
Calls from “Chase fraud” about a Zelle refund
Impersonating banks is one of the typical Zelle scams New York describes in its lawsuit. A caller promising money from a Zelle case who then asks you to send a Zelle payment, read back a code or move funds to a “safe account” is running the scam, not reversing it. Hang up and call the number on the back of your card.
“JPMorgan cash sweep settlement” eligibility checks
Some websites already describe a settlement process in the cash sweep case. There is no settlement: the plaintiffs were still asking for class certification as of September 30, 2026. If money ever becomes available, a court-approved notice will name the administrator; a free “eligibility check” asking for your brokerage login is not that.
JPMorgan Lawsuit — Questions People Actually Ask
Is there a JPMorgan lawsuit I can join or a claim form open right now?
No. As of September 30, 2026, none of the JPMorgan cases here has an open settlement fund or a claim form you can file. The closest to one is the cash sweep class action, where the plaintiffs asked on June 17, 2026 for class certification. You do not need to sign up for a class action; if a class is certified or a settlement is approved, notice comes to you.
What is the Trump lawsuit against JPMorgan about?
Trump and affiliated businesses allege that JPMorgan closed their accounts in 2021 for political reasons, and seek at least $5 billion. JPMorgan says the suit is meritless and that it does not close accounts on political grounds. As of JPMorgan's August 6, 2026 quarterly report, the case, No. 1:26-cv-21106, was in federal court in Florida, with Trump's side seeking to send it back to state court and JPMorgan seeking to move it to New York.
Chase closed my account. Can I get money from the debanking cases?
Not through the Trump case: it is an individual lawsuit that does not cover other customers. The Comptroller of the Currency is reviewing about 100,000 debanking complaints against several banks, and an August 2025 Executive Order told federal agencies to review their policies, but neither is a compensation fund. If you believe your account was closed unlawfully, that is a question for a lawyer who can read your account agreement.
Is there a JPMorgan Chase Zelle fraud settlement?
No. The CFPB's lawsuit against JPMorgan Chase, Bank of America and Wells Fargo was dismissed with prejudice in March 2025 at the Bureau's request. New York's Attorney General is suing Zelle's operator, Early Warning Services, and seeks restitution for affected New Yorkers; a judge let that case proceed in July 2026, and Zelle plans to appeal.
What is the JPMorgan cash sweep lawsuit, and am I in it?
It is a proposed class action in Manhattan federal court, In re JP Morgan Chase Cash Sweep Program, No. 1:24-cv-06404. Plaintiffs say J.P. Morgan Securities paid 0.01% on swept cash from June 2020 while market rates rose above 5%, in breach of their contracts. If you held a non-managed J.P. Morgan brokerage or retirement account (not an advisory account) whose idle cash was swept into Chase during that period, you are likely in the proposed class of at least 1.8 million people. The class has not been certified.
Can Epstein survivors still file a claim against JPMorgan?
The JPMorgan class settlement of $290 million was approved in 2023, and the separate $75 million Virgin Islands settlement was agreed the same year. The Bank of America settlement of $72.5 million announced in March 2026 is a different bank and a different case. In October 2025 Judge Rakoff unsealed records from the Virgin Islands case showing JPMorgan had reported more than $1 billion in Epstein transactions as suspicious after his death.
What happened with JPMorgan and Frank?
JPMorgan bought the student-aid startup Frank for $175 million on the claim of 4.25 million users; it had about 300,000. After a March 2025 jury conviction for conspiracy, wire fraud, bank fraud and securities fraud, Frank's founder was sentenced on September 29, 2025 to 85 months in prison. JPMorgan was the victim, so there is no customer claim.
Is JPMorgan facing other lawsuits?
Many. Its August 6, 2026 quarterly report lists, among others, the merchant interchange case, a dismissed LIBOR class action now on appeal, and litigation in Russia, and puts its legal expense at $116 million for the second quarter of 2026. JPMorgan says it has meritorious defenses and intends to defend itself vigorously. The same report says the bank is a defendant in a substantial number of other proceedings, from single-plaintiff suits to class actions; an individual suit is not a class you can join.
Separate from this case: were you injured in the last 2 years?
Class-action payouts are fixed amounts through an administrator. A personal injury claim is a different case — and often worth far more. Free estimate, no obligation.
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