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President Trump on Thursday filed a sweeping lawsuit against JPMorgan Chase and its CEO, Jamie Dimon, seeking as much as $5 billion in damages and accusing the banking giant of improperly cutting him off from its financial services, Axios reported.

In the complaint, Trump’s attorney Alejandro Brito argues that JPMorgan’s decision was driven by what he described as the bank’s “woke beliefs,” claiming those views led the company to sever ties with Trump because of his “conservative political views.” Trump has made similar claims since JPMorgan closed his accounts in the aftermath of the Jan. 6 Capitol riot.

Brito contends that the plaintiffs suffered “considerable financial harm and losses” after losing access to their accounts and being forced to move funds to another bank. He also asserts that JPMorgan profited significantly from its relationship with Trump and other plaintiffs before abruptly shutting down all of their accounts in April 2021 without providing an explanation.

The lawsuit follows Trump’s public warning over the weekend that legal action against Chase was imminent, a threat he posted on Truth Social.

JPMorgan pushed back strongly, rejecting the allegations in a statement to Axios. “While we regret President Trump has sued us, we believe the suit has no merit,” the bank said.

The statement added, “We respect the President’s right to sue us and our right to defend ourselves – that’s what courts are for.”

JPMorgan further denied any political motivation behind its actions, saying, “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”

The bank also used the moment to renew its call for regulatory changes, stating, “We have been asking both this Administration and prior administrations to change the rules and regulations that put us in this position, and we support the Administration’s efforts to prevent the weaponization of the banking sector.”