JPMorgan Chase has, for the first time, acknowledged that it closed President Donald Trump’s accounts and those of several of his businesses following the Jan. 6, 2021, Capitol attack, as part of Trump’s $5 billion lawsuit against the bank.

Trump alleges the closures were politically motivated, disrupted his business operations, and placed him and his companies on a reputational “blacklist” that prevented future banking access.

The bank, previously silent on the matter, confirmed in a court filing that accounts in its private and commercial banking divisions were closed in February 2021.

Trump’s lawyers called the admission a “devastating concession” and argue it proves the claims of intentional and unlawful debanking, a practice they say targets conservative clients, CNBC has reported.

JPMorgan seeks to move the case from Florida to New York, while Trump’s legal team continues to pursue the lawsuit amid broader debates over politically charged banking decisions.