Capital One Defends Closure of Trump Organization Accounts as Anti-Money Laundering Action
Capital One says its 2021 decision to close more than 300 accounts linked to the Trump Organization was based on anti-money-laundering analysis, and it is seeking to dismiss the lawsuit alleging political bias.
Capital One Financial filed a response on Friday seeking to dismiss a lawsuit filed by the Trump Organization that alleges the bank closed its accounts for political reasons. The bank said the closures, announced in March 2021, resulted from a multi-month review by its anti-money-laundering (AML) team and were consistent with bank policies and federal banking guidance.
In its filing, Capital One argued that the plaintiffs’ allegations lack merit, stating that the transaction patterns identified were among those flagged by federal guidance. The bank described the lawsuit’s claims of political pretext as "misguided" and based on selective quotations taken out of context.
The Trump Organization and its subsidiary, along with Eric Trump, filed the suit in March 2025 in a Florida federal court, asserting that the account closures were motivated by the bank’s “woke” beliefs and a desire to capitalize on the political climate after the Jan. 6, 2021 Capitol riot. The Miami federal court has previously dismissed two complaints in the case, allowing the plaintiffs to amend their filings. Capital One said the latest amended complaint contains the same fundamental flaws as earlier versions.
The dispute comes amid broader tensions between the Trump administration and major banks, including an executive order signed by President Trump in August 2025 that bars discriminatory debanking and a separate lawsuit against JPMorgan Chase filed in January.