- Capital One cited a money laundering review in its lawsuit against President Trump’s trust, stating the closure of Trump Organization accounts was due to flagged concerns.
- The Trump Organization alleged that Capital One closed over 300 accounts in 2021 for political reasons, while Capital One stated the closures were for anti-money laundering reasons.
- Capital One stated it did not publicize the closure decision and allowed the plaintiffs several months to find new banking services.
- The president and his allies have accused financial institutions of debanking conservatives due to their political views.
- U.S. District Judge Roy Altman granted Capital One’s motion to dismiss the initial lawsuit but allowed a limited discovery period for the plaintiffs to refile.
- Capital One argued that the Second Amended Complaint suffers from the same flaws as prior pleadings and should be dismissed.
- The filing stated that plaintiffs cannot criticize the robust process by Capital One’s anti-money laundering team, which was initiated after a Financial Crimes Enforcement Network action.
- Capital One claimed its anti-money laundering team used decades of law enforcement experience to lawfully close the accounts, dismissing allegations of political discrimination as misguided.
- Capital One closed accounts held by the U.S. President in 2021 after flagging financial activity with characteristics of money laundering.
- The lawsuit against Capital One is linked to a claim that the bank closed accounts for political reasons following the January 6 attacks.
- Trump has filed lawsuits against both Capital One and JPMorgan Chase for allegedly debanking him after leaving office in 2021.
- The lawsuit against JPMorgan Chase is seeking damages of US$5 billion, with the bank stating it does not close accounts for political reasons.
- After the original lawsuit was dormant for months, Trump’s lawyers filed an amended lawsuit in July alleging political motivations behind the bank's actions.
- President Trump’s legal team dismissed the bank’s claims but did not address the internal findings regarding the account closures.
- Trump had over 300 bank accounts with Capital One, covering various Trump-branded businesses, and had banked with the institution for more than a decade.
- In its court filing, Capital One stated it had no political motives for the closures, attributing them to flagged activity by anti-money laundering experts.
Capital One has filed a motion to dismiss a lawsuit from President Trump’s trust, claiming the closure of over 300 Trump-affiliated accounts in 2021 was due to money laundering concerns rather than political bias. The bank's lawyers argue that the closures followed a thorough review by its anti-money laundering (AML) team, which flagged suspicious financial activity.123412131718
In a court filing, Capital One stated, “The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.” The bank emphasized that it had no intention of making a political statement and allowed the Trump Organization ample time to secure alternative banking services.
Trump's legal team, led by his sons, contends that the closures were politically motivated, particularly following the January 6 attacks on the U.S. Capitol. They have accused Capital One and other banks of “debanking” conservatives. However, Capital One's filing asserts that the allegations lack merit and that the plaintiffs cannot effectively challenge the bank's internal processes.
U.S. District Judge Roy Altman, appointed by Trump, previously dismissed an initial lawsuit but allowed for a limited discovery period. Capital One's attorneys argue that the current complaint suffers from the same flaws as previous filings and should be dismissed entirely.56
Trump has also filed a lawsuit against JPMorgan Chase for similar reasons, seeking US$5 billion in damages, with both banks denying any political motivations behind their actions. Capital One's legal team maintains that the decision to close the accounts was lawful and based on regulatory compliance.1920
“The bank said it never publicized the closures and gave Trump's companies several months plus extensions to find new banking services. Separately, Trump is seeking $5 billion in damages from JPMorgan Chase over similar debanking allegations.”
The Globe and Mail
