Capital One Closes Trump Organization Accounts After Money Laundering Review
WASHINGTON--Capital One is asking a federal judge to dismiss a lawsuit filed by President Donald Trump's trust, arguing the bank closed Trump Organization-affiliated accounts in 2021 because of anti-money laundering concerns rather than political bias.
In a motion filed Friday in the U.S. District Court for the Southern District of Florida, attorneys for the bank said the decision followed months of review by Capital One's anti-money laundering team and complied with internal policies and federal regulatory guidance.
"The closures were the result of months of analysis and a careful review" conducted by the bank's anti-money laundering specialists, the filing states.
The lawsuit, brought by the Trump trust and led by Donald Trump Jr. and Eric Trump, alleges Capital One improperly closed more than 300 accounts connected to the Trump Organization as part of politically motivated "debanking" targeting conservatives.
Capital One disputes that claim, arguing the bank never publicly disclosed the account closures, provided the Trump Organization with several months to transition to another financial institution and granted multiple extensions during the process.
The filing marks the latest development in a legal dispute that began after U.S. District Judge Roy Altman dismissed an earlier version of the lawsuit in March. Altman, who was appointed by Trump, allowed the plaintiffs a limited period of discovery before permitting them to file an amended complaint.
Capital One now argues the revised complaint fails to correct the legal deficiencies identified in the earlier dismissal and asks the court to dismiss the case with prejudice, which would prevent it from being filed again.
The bank also rejected allegations that its anti-money laundering concerns were a pretext for political discrimination, saying the plaintiffs have offered speculation rather than evidence to support their claims.
The dispute comes amid broader Republican criticism of what they describe as "debanking" of conservative individuals and organizations. Earlier this year, Trump also sued JPMorgan Chase over the closure of his accounts, seeking at least $5 billion in damages.
Capital One acknowledged in its filing that it had previously resolved a regulatory matter involving anti-money laundering compliance. In 2021, the Treasury Department's Financial Crimes Enforcement Network imposed a $390,000 civil penalty after the bank admitted shortcomings in its anti-money laundering program.
Despite that enforcement action, Capital One maintains its compliance team, drawing on decades of law enforcement experience, lawfully reviewed the Trump-linked accounts and determined the closures were warranted under banking regulations.