Lawyers for Capital One admitted to debanking Trump Organization-affiliated accounts, although the company claimed it did so due to money laundering concerns.
According to the lawyers, the Trump Organization’s allegations against Capital One stem from “vague allegations of political discrimination.”
“The closures were the result of months of analysis and a careful review by Capital One’s [anti-money laundering] team in accordance with bank policies and regulatory guidance,” the motion argues. “Capital One never publicized the termination decision nor its confidential internal process giving rise to the closure, and it permitted Plaintiffs several months (and granted several extensions) to find new banking services, which they did.”
Pushing back on the Trumps’ allegations of “political discrimination,” Capital One argued that the Trump Organization “cherry-picked quotations” to back its claims that the bank’s “anti-money laundering concerns were pretextual.”
The motion further stated that Capital One’s decision to close the accounts “only became public because of Plaintiffs’ own decision to pursue this litigation.”
Last year, Eric Trump declared that Capital One’s move to debank the account was a “clear attack on free speech and free enterprise that flies in the face of the bedrock principles and freedoms that define our country.”
“Moreover, the arbitrary closure of these accounts, without justifiable cause, reflects a broader effort to silence and undermine the success of the Trump Organization and those who dare to express their political views,” he wrote, arguing that the lawsuit sought to “hold Capital One accountable for the millions of dollars in damages they caused, not just to our company, but to the many dozens of properties, hundreds of tenants and thousands of Trump Organization employees who relied on these accounts for their livelihoods.”
JPMorgan Chase has also admitted to debanking accounts linked to President Donald Trump following the January 6, 2021, protest at the U.S. Capitol.
