Trump Organization Sues Capital One for Alleged Political Account Closures Stocks Plunge
1min read The Trump Organization has initiated legal action against capital one, accusing the bank of unlawfully terminating hundreds of its accounts due to political motivations. The lawsuit, filed in a Florida state court, asserts that Capital One's decision was driven by "woke" beliefs and a desire to distance itself from former President Donald Trump and his conservative political views. The Trump Organization, a long-standing customer of Capital One, had millions of dollars in accounts with the bank before they were suddenly closed in March 2021.
The lawsuit claims that the closure of these accounts resulted in "considerable financial harm and losses," disrupting the organization's access to essential banking services. The Trump Organization is seeking unspecified damages and a court order declaring that Capital One violated state consumer protection and consumer fraud laws. Capital One has refuted these allegations, maintaining that it does not close customer accounts based on political reasons.
The legal action follows the January 6, 2021, riot at the U.S. Capitol by Trump supporters, although this event is not mentioned in the complaint. At the time, the Trump Organization was also under investigation for fraud by New York’s attorney general, who later filed a lawsuit against the business. Trump, who lost the case and was ordered to pay $454 million in penalties, has appealed the decision.
Eric Trump, the son of former President Donald Trump, expressed on the X social media platform that the lawsuit is a necessary step to safeguard the integrity of American business practices. He cautioned that additional legal actions may be forthcoming, stating that the Trump Organization will not remain idle while major banks misuse their power to suppress businesses and harm innocent Americans.
The lawsuit further alleges that Capital One's decision to close the accounts was unilateral and without any prior notice, causing significant disruption to the Trump Organization's financial operations. The case is currently ongoing, with the Trump Organization seeking to hold Capital One accountable for its alleged actions.
