When your banker becomes your courtroom opponent, things have gotten complicated. President Donald Trump filed a lawsuit Thursday against JPMorgan Chase & Co. (JPM) and CEO Jamie Dimon, claiming the bank closed his accounts for political reasons in early 2021. The ask? At least $5 billion in civil damages.

What Happened

The lawsuit, filed in Miami-Dade County state court in Florida, revolves around account closures that happened after the January 6, 2021 Capitol riot and Trump's departure from office. According to the complaint, JPMorgan terminated accounts held by Trump and his affiliates, ending what had been a multi-decade banking relationship. The lawsuit argues this wasn't about financial risk—it was about politics.

The Political Angle

Trump's legal team isn't holding back. The filing alleges the bank's decision stemmed from what it calls "woke" internal biases rather than sound business judgment.

"Plaintiffs are confident that JPMC's unilateral decision came about as a result of political and social motivations, and JPMC's unsubstantiated, 'woke' beliefs that it needed to distance itself from President Trump and his conservative political views," the lawsuit alleges.

JPMorgan Pushes Back

JPMorgan isn't accepting the premise. The bank released a statement calling the lawsuit meritless: "While we regret President Trump has sued us, we believe the suit has no merit. We respect the President's right to sue us and our right to defend ourselves — that's what courts are for."

The bank added: "Our company does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company."

Bad Timing, or Perfect Timing?

The lawsuit lands just after a very public disagreement at the World Economic Forum in Davos. On Wednesday, Dimon called Trump's proposed 10% cap on credit card interest rates an "economic disaster," warning it would "remove credit from 80% of Americans." Whether the timing of this lawsuit is coincidence or commentary is anyone's guess.