President Donald Trump’s family business and Eric Trump are suing Capital One for “unjustifiably” terminating over 300 of the company’s bank accounts in 2021.
Trump Organization filed the lawsuit on Friday in a Florida circuit court, accusing the bank of closing its accounts in June of 2021 without explanation in violation of several consumer protection laws. Those accounts held millions of dollars at the time, according to the complaint.
“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,” the lawsuit alleges. “In essence, Capital One ‘de-banked’ plaintiffs’ accounts because Capital One believed that the political tide at the moment favored doing so.”
“In addition to the considerable financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution,” the complaint continues. “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.”
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In a statement to X, Eric Trump said he and his family’s organization filed the lawsuit to “hold Capitol One accountable for the millions of dollars in damages they caused, not just to our company, but to the many dozens of properties, hundreds of tenants and thousands of Trump Organization employees who relied on these accounts for their livelihoods.
“Businesses should not be targeted or punished for their political affiliations,” he continued. “The actions taken by Capital One and other major financial institutions represents a dangerous precedent that could threaten the operations of countless businesses across the nation, particularly those with a strong and independent voice,” he continued.
“This lawsuit, and those that follow, are necessary steps to protect the integrity of American business practices and to ensure that no company or individual is unfairly targeted for their beliefs, affiliations, or business activities,” he added. “We will not stand by while big banks misuse their power to stifle businesses and harm innocent Americans.”
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The lawsuit points out the the banking industry’s practices at large “are so rampant that at least sixteen Attorneys General have pleaded that Bank of America take note of its history of de-banking consumers and legal businesses for their political views and reform its banking practices,” and that Congress has “also been advised that de-banking is a glaring issue that must be addressed.”“In response, Bank of America and JP Morgan Chase CEOs have not only denied that their companies engage in de-banking, but they are lobbying to shape the narrative and favorably regulate de-banking practices going forward,” the lawsuit alleges.
In a statement to the New York Times, a Capital One spokesperson denied the accusations detailed in the complaint and said the bank “has not and does not close customer accounts for political reasons.”
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