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2mo ago

Trump Organization Sues Capital One Over 2021 Account Closures

The lawsuit alleges political bias in the closures, while Capital One denies claims of wrongdoing.

FILE - Rioters wave flags on the West Front of the U.S. Capitol in Washington on Jan. 6, 2021. (AP Photo/Jose Luis Magana, File)
16 September 2023, USA, New York: The Trump Tower on 5th Avenue in Manhattan. Photo by: Michael Kappeler/picture-alliance/dpa/AP Images
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Overview

  • The Trump Organization filed a lawsuit in Miami-Dade Circuit Court against Capital One for closing over 300 accounts in 2021, citing political and social motivations.
  • Eric Trump and other plaintiffs claim the closures caused millions in financial losses and disrupted operations across Trump-owned properties and businesses.
  • The lawsuit alleges the closures were part of a broader trend of 'debanking' entities with conservative political views, which the Trump Organization argues sets a dangerous precedent.
  • Capital One denies the allegations, stating it does not close accounts for political reasons and did not provide further comment on the lawsuit.
  • The Trump Organization is seeking monetary damages and a declaratory judgment, with Eric Trump suggesting similar legal action could follow against other financial institutions.