President Donald Trump has sued JPMorgan Chase & Co. and its chief executive officer, Jamie Dimon, seeking at least $5 billion in damages over allegations that the bank terminated his accounts and those of his businesses for political reasons.

The complaint, filed on Thursday in Miami-Dade County state court, accuses JPMorgan of trade libel and breach of the implied covenant of good faith and fair dealing. It also alleges that Dimon violated Florida’s deceptive and unfair trade practices law. JPMorgan said it does not close accounts on the basis of political or religious views.

Trump has repeatedly singled out JPMorgan in his broader campaign against what he describes as the ideological “debanking” of individuals and businesses. According to the complaint, the bank closed accounts held by Trump and his business entities roughly seven weeks after the January 6, 2021 assault on the US Capitol by his supporters. At the time, Trump was no longer in office and his political influence was diminished.

The lawsuit was filed by Trump along with several Trump-affiliated business entities. It claims JPMorgan, the largest bank in the United States, terminated the accounts “without warning or provocation”, causing substantial financial and reputational harm. The complaint, reviewed by Bloomberg, was not immediately available in court records.

Since returning to office for a second term last year, Trump has pursued what he characterises as accountability for perceived political adversaries. His administration has taken actions against law firms, universities, corporations, media organisations and Democratic officials whom he views as ideologically opposed.

According to the filing, JPMorgan acted out of “woke” beliefs and sought to distance itself from Trump and his conservative political views. “In essence, JPMC debanked plaintiffs’ accounts because it believed that the political tide at the moment favoured doing so,” the complaint states.