A company tied to former President Donald Trump has filed a lawsuit against Capital One, alleging that the bank wrongfully closed more than 300 accounts belonging to the Trump Organization. This action took place in 2021, shortly after the events of January 6, when a large group of Trump supporters gathered at the U.S. Capitol.
The lawsuit, submitted by the Donald J. Trump Revocable Trust and Eric Trump in Miami-Dade Circuit Court, argues that Capital One’s decision to terminate these accounts was not just a business action, but rather an infringement on free speech and free enterprise. The Trump Organization contends that this move was influenced by their political stance.
In response, Capital One stated that they do not close customer accounts for political reasons. However, the Trump Organization is seeking compensation for what they claim are significant financial damages resulting from the closure, which was communicated to them in March 2021, affecting accounts that held millions of dollars.
This situation unfolded shortly after January 6, when supporters of Trump attempted to disrupt the certification of the 2020 election results, which ultimately declared Joe Biden the victor. Along with Capital One, several other banks also ceased their business relations with the Trump Organization during this challenging period, as the family faced various legal investigations.
The outcome of this lawsuit could have broader implications for how financial institutions interact with politically significant figures and organizations in the future. The case highlights ongoing tensions between big businesses and political figures, sparking discussions on the role of capitalism in a democratic society.
