Capital One defends account closures linked to Trump Organization amid lawsuit
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Capital One Financial has responded to a lawsuit from the Trump Organization regarding the closure of over 300 bank accounts, asserting that the actions were based on anti-money laundering reviews.
Capital One Financial has formally defended its decision to close more than 300 bank accounts associated with the Trump Organization in 2021, citing anti-money laundering (AML) concerns. In a recent court filing, the bank stated that the closures followed a thorough review by its AML team, in line with regulatory guidelines.
This marks the first instance where a bank has publicly linked money laundering concerns to the Trump Organization. Capital One is seeking to dismiss the lawsuit, which alleges that the account closures were politically motivated following the January 6 Capitol riot. According to the bank, its actions were based on documented transaction patterns that align with federal banking guidance.
The Trump Organization, represented by Eric Trump, filed the lawsuit in March 2025, claiming that the closures were a result of political bias. However, Capital One contends that the allegations are misguided and that the plaintiffs have failed to substantiate their claims in previous filings. The court has previously dismissed two complaints from the Trump Organization but has allowed for amendments.
In its filing, Capital One emphasized that any inquiry into the account closures could be restricted by federal confidentiality laws, which would prevent the bank from disclosing certain information. The ongoing legal battle reflects the broader tensions between financial institutions and political figures, particularly as Trump’s administration has accused banks of targeting conservative clients.