JPMorgan Chase admitted to closing accounts of Donald Trump and his businesses post-Jan. 6, 2021, Capitol attacks in a court filing this week amid a legal saga over “debanking.” Trump sued JPMorgan for $5 billion, alleging political reasons behind the closures.

The acknowledgment came in a court filing submitted this week in Trump’s lawsuit against the bank and its leader, Jamie Dimon. JPMorgan informed Trump in Feb. 2021 that certain accounts would be closed, affecting his business operations.

JPMorgan has never admitted in writing to closing Trump’s accounts after Jan. 6 until now, only speaking hypothetically about account closures. A spokeswoman for the bank declined to comment beyond what was stated in the legal filings.

Trump initially sued JPMorgan in Florida state court, seeking to have the case moved to federal court in New York, where the accounts were located. The lawsuit accuses the bank of trade libel and unfair trade practices.

Trump’s lawyers allege that JPMorgan placed him on a reputational “blacklist” affecting future banking opportunities, which the bank denies. Debanking has become a politically charged issue, with conservative politicians claiming discrimination by banks.

JPMorgan has said Trump’s lawsuit has no merit, regretting the need for litigation. Debanking has gained attention in recent years, with allegations of politically motivated account closures.

Trump has previously sued Capital One for similar debanking allegations, with the case ongoing. The president’s lawyers stand by their claims of intentional debanking and vow to seek a just conclusion.

Read more at Yahoo Finance: JPMorgan concedes it closed Trump’s accounts after Jan. 6 attack