President Donald Trump filed a lawsuit on Thursday against JPMorgan Chase and its CEO Jamie Dimon in Florida state court, alleging they unlawfully closed accounts belonging to Trump and related entities in early 2021. The suit claims the account terminations—occurring after the January 6, 2021, Capitol riot and Trump’s exit from the White House following his electoral loss to Joe Biden—were driven by political motivations.

Trump stated he was “debanked” when questioned in Switzerland about Dimon hours before filing the lawsuit: “He debanked me,” Trump said. “He shouldn’t be debanking. It’s so wrong.” The president asserted Dimon “is not allowed to do what he did.”

The lawsuit, filed in Miami-Dade County, seeks at least $5 billion in civil damages from JPMorgan Chase and its leadership. It alleges the bank terminated accounts due to political discrimination against Trump, his organizations, and family members, citing “unsubstantiated, ‘woke’ beliefs” that the bank needed to distance itself from conservative political views. The suit claims JPMorgan failed to disclose reasons for account closures but later learned the actions resulted from “political discrimination.”

JPMorgan Chase denied closing Trump’s accounts for political reasons, stating the terminations followed federal rules and regulations the bank has sought to adjust across multiple presidential administrations. The plaintiffs—business entities tied to Trump—had been JPMorgan customers for decades according to the lawsuit.