Trump Organization Sues Capital One Over Alleged Political Bias Account Closures

The Trump Organization has initiated legal action against Capital One, alleging that the bank unjustly terminated over 300 of its accounts in 2021. This lawsuit follows public criticism from Eric Trump, who accused the bank of unjustified actions that caused significant financial harm to the Trump Organization.

The lawsuit claims that Capital One's decision was driven by political bias, targeting the Trump family's conservative affiliations. The Trump Organization asserts that the bank's actions were part of a broader trend among financial institutions to cut off banking services to individuals whose political views differ from those of the institutions. This trend, according to the lawsuit, aims to coerce the public into aligning their political views with those of the financial institutions.

This legal action is part of a broader pattern of tensions between the Trump family and major financial institutions. Earlier, former President Donald Trump publicly criticized the CEOs of Bank of America and JPMorgan Chase, accusing them of denying services to conservatives. These accusations were made during a World Economic Forum session in January, where Trump urged the banks to "open your banks" to those who have allegedly been unfairly excluded from the banking system.

Trump's remarks touch on a broader debate over alleged discrimination in the financial sector. This month, after meeting with Republican lawmakers, JPMorgan Chase CEO Jamie Dimon acknowledged that US banks sometimes "push people out of the system" due to vague federal anti-money laundering rules. Dimon denied any political or religious bias at Chase, instead attributing the account closures to regulatory pressures that force compliance-driven decisions.

The lawsuit against Capital One is the latest in a series of legal actions taken by the Trump Organization against financial institutions. The organization has previously sued other banks for similar reasons, alleging that their actions were politically motivated and caused significant harm to the company's financial operations. The Trump Organization's legal actions against banks have sparked a broader debate about the role of financial institutions in supporting or restricting certain political viewpoints.