Capital One has reportedly closed more than 300 accounts belonging to the Trump Organization as well as various accounts belonging to numerous Trump family members, according to legal filings. The accounts affiliated with the Trump Organization held millions of dollars belonging to them and their affiliated entities.
The Trump Organization has accused the bank of “egregious conduct” for shutting down these accounts. The legal documents claim that Capital One’s actions were a “clear attack on free speech and free enterprise,” which goes against the core freedoms that the U.S. stands for.
The practice of debanking is a measure used by banks to prevent money laundering. But the Trump Organization has accused banks of closing accounts for political reasons, with banks saying it’s to protect their reputation.
“The arbitrary closure of these accounts, without justifiable cause, reflects a broader effort to silence and undermine the success of the Trump Organization and those who express their political views,” the Trump Organization stated.
They added, “By filing this lawsuit, we seek to hold Capital One accountable for the millions of dollars in damages they caused, not just to our company, but to the many properties, tenants, and employees who rely on these accounts for their livelihoods.”
The company also warned that actions like Capital One’s set a dangerous precedent that could hurt businesses across the country, especially those with strong independent voices.
“We will not stand by while big banks misuse their power to stifle businesses and harm innocent Americans,” the statement said.
A Capital One spokesperson responded, saying, “Capital One has not and does not close customer accounts for political reasons.”
Read the lawsuit below:
