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The Trump organization just filed a lawsuit against US banking giant Capital One, accusing the lender of unjustly terminating more than 300 of the firm’s bank accounts.
The suit claims the closures were driven by political bias, targeting the Trump family’s conservative affiliations back in 2021.
“Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations and Capital One’s unsubstantiated, “woke” beliefs that it needed to distance itself from President Trump and his conservative political views. In essence, Capital One “de-banked” Plaintiffs’ Accounts because Capital One believed that the political tide at the moment favored doing so.
In addition to the considerable financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a growing trend by financial institutions in the United States of America to cut off a consumer’s access to banking services if their political views contradict with those of the financial institution. Capital One’s conduct is but one example of a systemic, subversive industry practice that aims to coerce the public to shift and re-align their political views.”
The move comes after Trump openly slammed both Bank of America and JPMorgan Chase.
At a World Economic Forum session in January, Trump publicly criticized Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon.
He accused them of denying services to conservatives, urging them to “open your banks” to those who have allegedly been unfairly kicked out of the banking system.
Trump’s remarks touch on a broader debate over alleged discrimination in the financial sector.
This month, after meeting with Republican lawmakers, JPMorgan Chase CEO Jamie Dimon said US banks sometimes “push people out of the system” due to vague federal anti-money laundering rules.
Dimon denied political or religious bias at Chase, instead blaming regulatory pressures that force compliance-driven account closures.
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