President Donald J. Trump’s business trust has initiated a lawsuit against financial giant Capital One in Miami-Dade Circuit Court, alleging that the bank’s 2021 decision to close its accounts was driven by political bias. The complaint, filed by the Donald J. Trump Revocable Trust and Eric Trump, claims that Capital One’s actions violated consumer protection laws in Florida and other jurisdictions, seeking financial restitution for what is described as an unwarranted closure that disrupted business operations.
The lawsuit details that Capital One notified Trump’s business in March 2021 of its plan to terminate the accounts within two months. The filing suggests that Capital One’s actions were motivated by ideological biases, stating, “Plaintiffs have reason to believe that Capital One’s unilateral decision came about as a result of political and social motivations.”
Furthermore, the lawsuit contends this reflects a broader trend within the financial industry to pressure entities into aligning with certain political ideologies. Capital One has denied these accusations, stating politics do not influence its account closures.
Bank closures, also known as “debanking,” have become commonly used against right-wing politicians, activists, and others in recent years.
In the United Kingdom, a similar incident saw a bank attempt to close an account belonging to Brexit leader Nigel Farage. The CEO of Natwest Bank, the parent bank of the financial institution that closed Farage’s account, later resigned after feeding the media a false story about the reason for the debanking.
