Washington: US President Donald Trump has initiated a lawsuit demanding at least $5 billion from JPMorgan Chase, asserting that the bank terminated its services with him and his businesses due to "political and social motivations."

According to Anadolu Agency, the lawsuit alleges that the bank's decision to cease services was influenced by "unsubstantiated, 'woke' beliefs" and an intention to dissociate from Trump's conservative political stance. The filing accuses JPMorgan of trade libel and breach of the implied covenant of good faith, seeking a jury trial and damages amounting to at least $5 billion.

The complaint reveals that JPMorgan sent a notification on February 19, 2021, indicating that Trump's accounts would be closed by April 19 of the same year, thus providing a 60-day period for the relocation of funds. Trump's legal team equates this action to "Operation Choke Point," a Department of Justice initiative that allegedly targeted conservative businesses.

The lawsuit further claims that JPMorgan placed Trump on a "blacklist," effectively preventing other banks from engaging with him. It argues that the bank's behavior exemplifies a "systemic, subversive industry practice" aimed at coercing the public to realign their political views. Additionally, the lawsuit cites a violation of Florida's laws concerning unfair and deceptive trade practices.