President Donald Trump filed a lawsuit against JP Morgan Chase and CEO Jamie Dimon on Wednesday, seeking at least $5 billion in damages, alleging the bank closed his long-standing accounts for political reasons.

The lawsuit, filed in Florida state court in Miami-Dade County, claims defamation in business, breach of fiduciary duty, and violations of Florida's Unfair and Deceptive Trade Practices Act.

Trump contended that the bank gave him only 20 days to close accounts he had held for decades, which he claims reflects ideological discrimination.

JP Morgan expressed regret over the lawsuit, stating that the claims are baseless and denied allegations that the bank rejected customers for political reasons.

A JP Morgan Chase spokesperson said in a statement, "While we regret that President Trump has chosen to sue us, we believe the claims are baseless. We respect the President’s right to sue us, and we have the right to defend ourselves. That’s what courts are for.”

The statement continued, "JPMC does not close accounts for political or religious reasons. We close accounts that present legal or regulatory risk. We regret when we must do so, but we are often forced to because of the rules and expectations of regulators.”

JP Morgan Chase added, "We have asked both the current and previous administrations to change the rules and regulations that have put us in this position, and we support the administration’s efforts to stop the weaponization of the banking sector.”

The case expands Trump’s broader campaign against what he calls "debanking," as scrutiny intensifies on whether large lenders' political viewpoints affect access to financial services.

JP Morgan stated last year that it was already facing investigations and legal actions related to the administration's crackdown on the practice.

By Hong Sung-goo, Chief Reporter, NNP / Special Correspondent NNP info@newsandpost.com