The Trump Organization has initiated legal action against Capital One in Florida, claiming that the bank unjustly closed over 300 accounts shortly after the January 6, 2021, riot at the U.S. Capitol. According to court documents, the organization alleges that Capital One’s decision was influenced by political factors, asserting, “the bank ‘de-banked’ Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so.” This lawsuit raises important questions about financial institutions’ responsibilities amid politically charged climates.
Allegations of Political Motivations
The complaint, filed in the Eleventh Judicial Circuit Court in Miami-Dade County, argues that Capital One’s closure of the accounts stemmed from its perceived need to dissociate from President Donald Trump and his conservative ideology, which the organization refers to as “unsubstantiated, ‘woke’ beliefs.” The ramifications of such actions are substantial, as per the plaintiff’s claims, which state that Capital One’s choices hindered their ability to engage in necessary financial transactions.
Seeking Legal Redress
The Trump Organization’s lawsuit aims for a declaratory judgment indicating that the terminations of accounts, which happened four months after the Capitol riot, were improper. Furthermore, the organization is seeking punitive damages due to the severe impact these closures have had on their operations. The suit outlines how the plaintiff entities—Donald J. Trump Revocable Trust, DJT Holdings, DTTM Operations, along with Eric Trump—held numerous accounts with Capital One for many years prior to their abrupt termination.
Eric Trump has emphasized that the losses incurred by these closures amount to “millions of dollars,” showcasing the financial strain placed on the organization.
Reactions and Future Actions
Alejandro Brito, legal counsel representing the Trump Organization, indicated that this case might only be the beginning. He noted that the organization is considering additional lawsuits against other financial institutions that may have acted in a similar fashion. Commenting on the actions of Capital One, Brito described them as a “particular attack on free speech.”
In response, a Capital One representative stated that the bank does not close customer accounts based on political affiliations, underscoring their stance of maintaining neutrality in politically sensitive scenarios.
Eric Trump further articulated his perspective, labeling Capital One’s decision to sever ties as “an attack on free speech and free enterprise” that contradicts the fundamental values of the nation. He expressed concern that this arbitrary closure could reflect a wider effort to silence the Trump Organization alongside those willing to express their political opinions.
With this lawsuit filed, the Trump Organization and its representatives remain firm in their stance, indicating a significant intersection between finance and politics as both sides prepare for a potentially tumultuous legal battle.
