The Trump Organization is claiming that McLean-based Capital One “unjustifiably” terminated hundreds of its bank accounts in 2021. Capital One terminated more than 300 of the organization’s accounts shortly after the January 6, 2021, attack on the U.S. Capitol.
Trump Organization entities filed suit against Capital One on March 7. The legal complaint was filed in a Miami-Dade Circuit Court in Florida by the Donald J. Trump Revocable Trust and Eric Trump. Eric is President Donald Trump’s son and executive vice president of development and acquisitions for the Trump Organization.
The suit claims that, “Although Capital One failed to provide a reason for terminating plaintiffs’ accounts, plaintiffs have learned that they were de-banked because of President Trump’s political views. Capital One’s decision is wrongful, and it is representative of a systemic and widespread practice that is employed by many financial institutions in the United States of America today.”
The lawsuit states that Capital One informed the Trump Organization on March 8, 2021, that “hundreds of their bank accounts were being closed and their account relationships with Capital One would be terminated by June 7, 2021.” Capital One extended the closure of some accounts, but the Trump Organization alleges that the actions caused their businesses “to suffer considerable financial harm.”
“Capital One has not and does not close customer accounts for political reasons,” the company said in a statement.
Feature image courtesy SOPA Images Limited/Alamy Stock Photo
