Key facts
- Capital One closed accounts belonging to the Trump Organization.
- Capital One cited anti-money laundering concerns for closing the accounts.
- The Trump Organization and Eric Trump filed a lawsuit against Capital One.
- The lawsuit alleges discriminatory debanking by Capital One.
- Capital One denies political bias in its decision.
- Capital One is seeking to dismiss the lawsuit.
Capital One has closed accounts associated with the Trump Organization, citing concerns related to anti-money laundering efforts. The bank is actively seeking to dismiss a lawsuit that was initiated by the Trump Organization and Eric Trump. This lawsuit alleges that Capital One engaged in discriminatory debanking practices against the organization. In its defense and in response to the lawsuit, Capital One has explicitly stated that its decision to close the accounts was based on anti-money laundering (AML) concerns and not on any form of political bias. The bank's legal filings aim to refute the claims of discrimination made by the Trump Organization and Eric Trump, asserting that their actions were compliant with regulatory requirements and internal policies regarding financial crime prevention.