Donald Trump family organisations sue Capital One over alleged ‘political de-banking’

Two of Donald Trump’s family organisations have sued American banking giant Capital One for their decision to close their accounts after the US Capitol riots of January 2021.

The suit was filed at the Miami-Dade Circuit Court on Friday by the Donald J Trump Revocable Trust and Eric Trump, AP reported.

The Trump Organization described the account closures as an attack on free speech and free enterprise, with the suit claiming that the decision was a response to Trump’s political views.

“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,” it said.

It also sees Capital One’s actions as part of a wider industry pattern of “de-banking” consumers due to their conflicting political views. This trend is not unique to the US, with similar accusations surfacing in other countries including South Africa.

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However, the bank vehemently denies that it closed the accounts for the reasons alleged.

“Capital One has not and does not close customer accounts for political reasons,” a Capital One spokesperson said in a statement.

Trump's businesses stated they suffered considerable financial harm and losses due to the interruption of their banking services and their ability to transact and access funds.

The account closures also came in the midst of civil and criminal investigations into the Trump Organization over its finances, CNN added, while other financial institutions such as Signature Bank and Deutsche Bank also stopped doing business with Trump around the same time.

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