India, Jan. 23 -- President Donald Trump filed a $5 billion lawsuit against the banking giant JPMorgan Chase and its CEO Jamie Dimon on January 22. Trump alleged that JPMorgan Chase debanked him and his companies for political reasons.

The lawsuit was filed in Florida state court and accuses that JPMorgan closed multiple accounts related to Trump without any explanation in the wake of the January 6, 2021, U.S. Capitol attack.

The suit claims that JPMorgan and Dimon violated Florida's deceptive trade practices law, engaged in trade libel, and breach of implied covenant of good faith and fair dealing by shutting off Trump's access to core banking services.

The suit detailed that the bank's "reckless decision is leading a growing trend by...