- The Trump Organization is suing Capital One. The company’s trust and Eric Trump alleged in a court filing the bank had canceled hundreds of Trump accounts for political reasons. Capital One says it “has not and does not close customer accounts for political reasons.”
Donald Trump’s son Eric and the trust that holds his business interests are suing Capital One bank four years after the financial institution closed accounts for the businesses.
The suit, filed last Friday in Miami-Dade Circuit Court, accuses Capital One of violating consumer laws when it “debanked” the Trump businesses in March 2021.
The Trump Organization alleges the bank closed more than 300 of its accounts “as a result of political and social motivations and Capital One’s unsubstantiated, ‘woke’ beliefs that it needed to distance itself from President Trump and his conservative political views.”
A Capital One spokesperson told Fortune: “Capital One has not and does not close customer accounts for political reasons.”
The suit seeks both punitive and other financial damages for the alleged action, saying it resulted in “millions of dollars” worth of damages. An attorney for the Trump Organization told CNBC the company was “contemplating other suits against financial organizations that engaged in similar conduct,” something the suit hints at as well.
“CapitalOne’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution,” it reads. “CapitalOne’s conduct is but one example of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views. Plaintiffs file this action to redress the harm they and their affiliated entities have suffered and shed light on a matter of great public interest and importance.”
Capital One is the latest in a growing string of companies Trump and the Trump Organization have targeted with lawsuits since his re-election. ABC paid $15 million to settle a defamation suit in December and CBS is looking to settle a separate suit surrounding Trump’s $10 billion suit accusing the company of deceptively editing a 60 Minutes interview with Vice President Kamala Harris.
