Capital One has filed a motion in a Florida federal court to dismiss a lawsuit brought by the Trump Organisation and Eric Trump, defending its decision to close more than 300 accounts belonging to the company.

The bank stated that the closures, which occurred in March 2021, were the result of a comprehensive anti-money laundering (AML) compliance review and not politically motivated, as alleged by the Trump Organisation.

Background of the Dispute

In March 2025, the Trump Organisation and Eric Trump sued Capital One, accusing the bank of "debanking" them due to political bias following the January 6, 2021 Capitol riot. They claimed the account closures were ideologically driven and amounted to an illegal denial of financial services.

Capital One rejected these accusations, calling them "misguided" and based on selective quotations taken out of context. The bank emphasized that its AML team conducted months-long scrutiny of transaction patterns before deciding to terminate the accounts.

Capital One's Position

  • The bank highlighted that the transaction patterns flagged were consistent with federal banking guidelines on suspicious activities.
  • Capital One emphasized that the closure process adhered strictly to internal policies and regulatory requirements.
  • While not directly accusing the Trump Organisation of money laundering, the bank's court filings indicate that certain transactions triggered mandatory federal reporting obligations.

Context and Wider Implications

This legal battle unfolds amid ongoing tensions between the Trump administration and major financial institutions. Since his return to office, President Donald Trump has accused banks of discriminating against conservative clients, leading to executive orders and additional lawsuits, including one against JPMorgan Chase.

Similar disputes date back to 2019 when Trump sought to block Capital One and Deutsche Bank from releasing his financial records to congressional investigators amid AML concerns.

The Florida court has yet to schedule a hearing on Capital One's motion to dismiss the case.