Trump Organization businesses have filed a lawsuit against Capital One for allegedly closing their accounts due to political bias. Eric Trump has publicly framed the issue as part of a broader pattern of “woke de-banking” targeting conservatives and setting a dangerous precedent for businesses with political affiliations. How will Capital One defend its decision to close these accounts?
Trump Organization Takes Legal Action
The Trump Organization, with Eric Trump as a plaintiff, filed a lawsuit in a Miami-Dade courthouse accusing Capital One of “woke de-banking” practices. According to court documents, the Trump businesses received notice on March 8, 2021, that Capital One would be closing their accounts, which reportedly contained millions of dollars.
The lawsuit alleges that initially, no reason was provided for the closures, but it was later attributed to the organization’s political beliefs and affiliations. Capital One reportedly gave the Trump businesses until June to make alternative banking arrangements before terminating the accounts completely.
Today, the Trump Organization filed a lawsuit in Miami-Dade County against @CapitalOne to hold the bank accountable for their egregious conduct in unjustifiably terminating over 300 of the company’s bank accounts without cause, in 2021.
The decision by Capital One to “debank”…— Eric Trump (@EricTrump) March 7, 2025
Claims of Political Targeting
Eric Trump has been vocal about what he sees as targeted action against his family’s business interests due to their political stance. “By filing this lawsuit, we seek 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,” he stated.
The timing of the account closures has raised questions, as they occurred approximately two months after the January 6, 2021, Capitol riot. Conservative advocates point to this case as evidence of a broader pattern they call “de-banking,” where financial institutions close accounts based on political considerations rather than legitimate business reasons.
Trump Organization, Eric Trump sue Capital One for 'unjustifiable' de-banking based on 'woke' beliefs in 2021 | Fox News https://t.co/cgEIdQYy3b
— Eric Trump (@EricTrump) March 7, 2025
Bank Denies Political Motivation
Capital One has firmly denied the allegations made in the lawsuit, with a spokesperson stating, “Capital One has not and does not close customer accounts for political reasons.” The bank has not yet provided detailed explanations of its decision-making process regarding the Trump Organization accounts, which will likely be addressed as the legal proceedings advance.
The lawsuit comes as some legislators have begun addressing the issue of politically motivated banking decisions. Senator Tim Scott has introduced the Financial Institution Religious and Moral (FIRM) Act, which would restrict financial institutions from de-banking customers for reputational or political reasons.
Eric Trump has emphasized the potential broader implications of the case, stating, “Businesses should not be targeted or punished for their political affiliations. The actions taken by Capital One and other major financial institutions represent a dangerous precedent that could threaten the operations of countless businesses across the nation, particularly those with a strong and independent voice.”