The Trump Organization has filed a lawsuit against Capital One bank in Florida, accusing the financial institution of unjustifiably closing over 300 accounts. The closures occurred in June 2021, months after the January 6 riot at the U.S. Capitol, which followed former President Donald Trump's claims of election fraud. The lawsuit, filed by the Donald J. Trump Revocable Trust and several Trump-related entities, seeks a declaratory judgment asserting that Capital One improperly terminated these accounts.
The plaintiffs claim that the account closures have caused "millions of dollars" in damages and had a "devastating impact" on their business operations. Eric Trump, a key figure in the lawsuit, described the bank's actions as a "clear attack on free speech and free enterprise." He further argued that the decision to close the accounts was an attempt to "silence and undermine the success of the Trump Organization."
The Trump Organization held hundreds of accounts with Capital One for decades before their closure, according to the complaint. The lawsuit contends that the bank's decision was politically motivated, asserting that Capital One "de-banked" the plaintiffs' accounts because it believed the political climate favored such actions.
Alejandro Brito, the attorney representing the Trump Organization, emphasized the gravity of the situation, describing it as an attack on free speech. Additionally, he mentioned that the organization is considering further legal action against other financial institutions that may have engaged in similar conduct.
"Capital One has not and does not close customer accounts for political reasons."
— A spokesperson for the bank
Capital One has firmly denied any political motivations behind its actions. In response to inquiries from CNBC, a spokesperson for the bank reiterated that account closures are not influenced by political considerations.
The lawsuit highlights the broader implications of financial institutions' decisions in politically charged environments. It raises questions about the balance between business operations and political dynamics, especially when high-profile figures are involved.