U.S. President Donald Trump on Thursday filed a lawsuit against JPMorgan Chase (JPMC) and its CEO Jamie Dimon, alleging that the bank closed his and related entities' accounts in February 2021 for political reasons.

The lawsuit, filed in a state court in Miami, Florida, is seeking at least $5 billion in civil damages, local media reported.

The account closures followed the January 6, 2021 riot at the U.S. Capitol by Trump supporters.

In response, JPMorgan said the lawsuit has no merit.

"We respect the president's right to sue us and our right to defend ourselves," said Patricia Wexler, the bank's spokesperson. "JPMC does not close accounts for political or religious reasons."