Trump Organisation Filed Lawsuit Against Capital One for Closing Accounts After Jan 6 Attack

A company owned by President Donald Trump initiated legal action against Capital One on Friday, alleging that the bank improperly closed more than 300 accounts belonging to the Trump Organization without justification in 2021, shortly following the events of January 6 at the U.S. Capitol. 

The lawsuit was submitted by the Donald J. Trump Revocable Trust and Eric Trump in the Miami-Dade Circuit Court. The Trump Organization contends that Capital One’s decision to terminate the accounts constitutes an infringement on free speech and free enterprise, asserting that the action was motivated by Trump’s political beliefs. In response, Capital One stated that it does not and has not closed customer accounts for political reasons.

The Trump Organization claims to have experienced significant financial damage and losses when Capital One informed them in March 2021 that accounts containing millions of dollars would be closed within three months. The lawsuit alleges that Capital One violated legal statutes, and the Trump Organization is pursuing damages. 

The account closures were announced approximately two months after the January 6, 2021, incident, during which a mob of thousands of Trump supporters stormed the U.S. Capitol in an effort to disrupt the certification of the 2020 election results, which declared President Joe Biden the victor. Around the same period, other financial institutions also ceased their business relationships with the Trump Organization, as the business and members of the Trump family faced various civil and criminal investigations.