Trump Organization Sues Major Bank for Closing Hundreds of Accounts After Jan 6 Riot
The Trump Organization is suing Capital One Bank for closing hundreds of its customers’ accounts just months after the January 6 riot in 2021.
More than 300 of the company’s accounts, including many that had been with the bank for decades, were closed in June 2021.
The lawsuit, filed in Florida, accused the bank of using political and social motivations to close the accounts.
The lawsuit stated:
“[Plaintiffs] have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.
In essence, Capital One ‘de-banked’ Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so.
Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.
Capital One’s conduct is but one example of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”
The organization is seeking a declaratory judgment that the bank improperly closed Trump companies’ accounts, along with monetary damages for “the devastating impact” it had on the company.
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“Plaintiffs suffered considerable financial harm and losses caused not only by the interruption to their access to Capital One’s banking services, but also by the devastating impact on Plaintiffs’ ability to transact and access their monies,” according to the lawsuit.
President Trump’s son, Eric Trump, who helps run the organization, said in a statement:
“The decision by Capital One to ‘debank’ our company, after well over a decade, was a clear attack on free speech and free enterprise that flies in the face of the bedrock principles and freedoms that define our country.
Moreover, 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 dare to express their political views.”
However, Capital One has denied the allegations, claiming that it “has not and does not close customer accounts for political reasons.”
Other banks, including Deutsche Bank and Signature Bank, refused to do business with Trump in early 2021.
The closures also came as the Trump family and the Trump Organization were facing weaponized civil and criminal investigations over its finances.
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