President Donald Trump is suing JPMorgan Chase & Co., the nation’s largest bank, and its CEO Jamie Dimon, alleging that they unfairly removed him as a customer in 2021 for political reasons.

The lawsuit in Florida state court seeks $5 billion in damages.

The bank notified Mr. Trump and his various businesses in February 2021 that it would close their bank accounts with the bank, and gave them 60 days’ notice before the closure took effect, according to the complaint.

The complaint also charges that President Trump, his family, and various companies were “blacklisted” by JPMorgan from “any wealth management accounts to which they were entitled.” The lawsuit alleges that the blacklisting was authorized by Dimon and that it prevented other banks from doing business with Trump and the other plaintiffs in the lawsuit.

The suit is the latest in a series of lawsuits seeking billions of dollars in damages filed by President Trump against his critics and perceived enemies, including: CBS, new york times, wall street journal and BBC.

The lawsuit was filed a day after Dimon spoke at the World Economic Forum in Davos and said President Trump had proposed a 10% cap on credit card interest rates.it will be an economic disasterBecause many American families will be cut off from access to credit.

The suit alleges that the bank did not provide a reason for the suspension, and that Trump and his companies “subsequently learned that their bank accounts were suspended as a result of political discrimination against President Trump, the Trump Organization, its affiliates, and/or the Trump family.”

The complaint also says that Trump contacted Dimon directly about the account closure, and that Dimon promised to get back to Trump to address the account closure, but “ultimately did not.”

JPMorgan Chase said the lawsuit is without merit and will be fought in court.

JPMorgan spokeswoman Trish Wexler said: “While we regret that President Trump has sued our company, we believe there is no merit to the lawsuit.”J.P.M.). “We respect the president’s right to sue us and our right to defend ourselves. That’s what the courts are for.”

Wexler said JPMorgan does not close accounts for political or religious reasons.

“We close accounts because they pose a legal or regulatory risk to the company,” Wexler said. “It is unfortunate that we had to do this, but in many cases rules and regulatory expectations force us to do so. We are calling on both the current and previous 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.”

But Trump’s complaint alleges that JPMorgan Chase has a “notable history of debanking organizations and individuals with conservative political beliefs.”

Trump has previously accused JPMorgan and Bank of America of denying him business after the end of his first term, and the so-called cancel banking transaction throughout his second term.

At last year’s World Economic Forum in Davos, Switzerland, five days after Trump became president for the second time, President Trump publicly denounces Bank of America CEO Brian Moynihan weighs in on allegations of bank closure.

“I want them to start opening up their banks to conservatives because a lot of conservatives are frustrated that banks aren’t allowing them to do business inside their banks,” Trump said. “You, Jamie, everyone…what you’re doing is wrong.”

Bank of America spokesman Bill Hardin told CNN last year that the bank has “no political litmus test” for its customers, adding that the bank serves 70 million customers, including conservatives.

President Trump signed the agreement in August. presidential order It aims to punish banks that restrict services to customers based on political or religious beliefs. But Americans have no legal right to bank accounts, and financial institutions often turn away people and businesses to comply with the mountain of rules and regulations designed to protect the financial system.

Big banks, including JPMorgan, have repeatedly denied accusations that they systematically target conservatives, but have welcomed the president’s efforts to roll back regulation.

But the lawsuit alleges that his past actions in deleting the conservative group’s account “detracted from Mr. Dimon’s statements and were false.”

Although Mr. Trump claims his account was closed because JPMorgan considered him a political risk, the real question the bank was dealing with was whether Mr. Trump posed a financial risk, argues Peter Conti Brown, a professor of financial regulation and law at Wharton.

“President Trump’s lawsuit is frivolous,” Conti-Brown said. “The president has a long and storied history of coercing his business partners and avoiding his responsibilities as a debtor. No bank should be forced to do business with such financial risk.”

Jeremy Kress, a business law professor at the University of Michigan, said the case is “quite unusual.”

“It’s ironic that the president is suing JPMorgan at the same time that his hand-picked banking regulators are aggressively deregulating JPM and other big banks,” said Kress, a former Federal Reserve official.

This story has been updated with additional context and developments.

CNN’s Alison Morrow contributed reporting.