The Donald J Trump Revocable Trust, led by President Donald Trump’s business, has filed a lawsuit against Capital One in Miami-Dade Circuit Court. The lawsuit accuses the bank of abruptly closing hundreds of bank accounts in 2021, resulting in significant financial losses for the trust. The lawsuit alleges that Capital One’s decision to close the accounts was politically motivated and violated consumer laws in Florida and other states.
According to the lawsuit, Capital One’s actions were driven by political and social considerations, as the bank sought to distance itself from President Trump and his conservative views. The trust claims that the account closures have hindered their ability to transact and access their funds, causing substantial harm.
In response to the lawsuit, a spokesperson for Capital One stated that the bank does not close customer accounts for political reasons. The lawsuit also highlights a broader issue of consumers losing access to banking services due to differences in political views.
The account closures by Capital One came amidst other financial institutions, such as Deutsche Bank and Signature Bank, ceasing business dealings with Trump in early 2021 following the events at the US Capitol. The Trump family and the Trump Organization, both owned by the trust, were also facing civil and criminal investigations related to their finances.
Despite the legal challenges and investigations, the trust is seeking damages from Capital One for the alleged harm caused by the account closures. The lawsuit underscores the ongoing legal battles and financial scrutiny facing the Trump Organization and its affiliates.
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