Trump’s Trust Sues Capital One Over Account Closures

Some of Trump’s bank accounts were closed in 2021 by several institutions.

President Donald Trump’s organization, along with his son Eric Trump, filed a lawsuit against Capital One on Friday for termination of hundreds of related accounts, resulting in financial losses.

The lawsuit filed on March 7 by Donald J. Trump’s revocable trust, DJT Holdings, DTTM Operations and Eric Trump has accused the plaintiffs and their affiliates of “substantial financial harm and losses of not only disrupting capital’s access to banks, but also causing considerable financial harm and losses, which resulted in considerable financial harm and losses, as well as a substantial financial harm and losses, and that of money.”

Capital One notified the Trump organization on March 8, 2021 that its account will be closed on June 7, 2021, according to a lawsuit filed in Miami-Dade Circuit Court. The bank is said to have not provided “the decision to rely on, remedy or substitute is final.”

The plaintiffs said they believe Capital has an unfounded “awakening” belief that “we must distance ourselves from President Trump and his conservative political views” that motivated the bank to suddenly close the organization’s accounts.

The plaintiff said the capital decision is part of a growth trend by US institutions to block consumers’ access to banking services if political views are inconsistent with financial institution views.

The reason for filing the lawsuit in Florida is state law 655.0323, which states “an insecure practice for financial institutions to refuse or cancel services, to people with different political or religious opinions.”

Capital One has a market capitalization of approximately $66 billion and operates in Florida.

A spokesperson said in a statement emailed to the Epoch Times that “Capital One has not closed its customer accounts for political reasons and has not closed it.”

Conservative banking

On January 22, Trump rebuked a large US bank for discriminating against conservative individuals and organizations during his speech to attendees at the World Economic Forum Summit.

“I hope you open a bank to conservatives as many conservatives complain that they don’t allow banks to operate within the bank and include places called American banks,” said Trump, speaking to Bank of America CEO Brian Moynihan.

“I don’t know if the regulators required that, but I hope you, Jamie (Dimon, CEO JPMorgan Chase), and everyone, open your bank to conservatives because what you’re doing is wrong.”

In 2021, Trump was targeted by multiple banks after President Joe Biden assumed power. Two Maiaria region banks, bank unification and professional banks, have closed closed accounts related to Trump.

Previously, New York’s Signature Bank and Deutsche Bank also ended their banking relationship with Trump.

Last year, a group of 15 attorney generals sent a letter to Bank of America to ask them to stop removing their clients for political reasons. They said banking services are a social need, and that is “kind of American taxpayers, where state banks like you receive relief and many other privileges.”

Sen. Elizabeth Warren (D-Mass.), a usually fierce opponent of Trump, supported her support for the president earlier last month.

“Donald Trump was in a real problem when he criticized Bank of America’s banking habits,” she told the Senate bank hearing on Feb. 5.

The letter from the Attorney General was highlighted in a lawsuit filed by the Trump organization, along with Warren’s support.

“We take this issue very seriously,” a Bank of America spokesman told Reuters in January after Trump’s speech with the Davos crowd. “We will be involved in the administration and Congress regarding broad government regulations that may provide requirements for ending the relationship.

“We don’t explain it for political reasons and we don’t take the political litmus test.”

The bank also says the rules as to who can provide are unknown.

“There should be a much cleaner line about what we have to do, and we don’t need to,” JP Morgan CEO Jamie Dimon told a podcast this week before Trump made a comment. “We’ve been complaining about this for years. We need to fix it.”

Reuters contributed to the report.