President Donald Trump has sued JPMorgan Chase and CEO Jamie Dimon for $5 billion, claiming the bank cut off banking services to him and his businesses for political reasons after he left office. Trump alleges JPMorgan abruptly closed accounts, disrupting operations and forcing them to find new banks. JPMorgan denies the claims.

The lawsuit alleges that JPMorgan debanked Trump because it believed the political climate favored doing so. Trump personally raised the issue with Dimon, who allegedly failed to follow up. The lawsuit also accuses JPMorgan of placing Trump and his companies on a reputational blacklist, preventing them from opening accounts elsewhere.

Debanking, the act of a bank closing accounts or refusing services, has become a politically charged issue. Trump and conservatives claim they have been cut off from accounts due to reputational risk, especially after the Jan. 6 Capitol attack. Trump’s banking regulators have moved to prevent banks from using reputational risk as a reason to deny service.

JPMorgan issued a statement saying the lawsuit has no merit and that it regrets being sued. The bank denies closing accounts for political reasons, stating it does so to avoid legal or regulatory risks. Trump previously sued Capital One for similar reasons, with that lawsuit still pending in court.

Read more at Yahoo Finance: Trump sues JPMorgan for $5 billion, alleges the bank closed his accounts for political reasons