The Trump Organization Files Lawsuit Against Capital One Over Bank Account Closures
The Trump organization has taken legal action against US banking giant Capital One, alleging that the lender unjustly terminated over 300 of the firm’s bank accounts. The lawsuit asserts that the closures were driven by political bias, specifically targeting the Trump family’s conservative affiliations dating back to 2021.
The legal filing includes a statement that reads, “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 significant financial harm that Plaintiffs and their affiliated entities suffered, Capital One’s reckless decision is part of a larger trend by financial institutions in the United States to cut off a consumer’s access to banking services if their political views contradict those of the financial institution. Capital One’s conduct is just one example of a systemic, subversive industry practice that aims to coerce the public to shift and realign their political views.”
Trump’s Criticism of Bank of America and JPMorgan Chase
The lawsuit against Capital One comes after former President Donald Trump publicly criticized Bank of America and JPMorgan Chase. During a session at the World Economic Forum in January, Trump called out Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon for allegedly denying services to conservatives.
Trump urged the banks to “open your banks” to individuals who have reportedly been unfairly excluded from the banking system, sparking a broader debate over discrimination in the financial sector.
Response from JPMorgan Chase CEO Jamie Dimon
Following Trump’s comments, JPMorgan Chase CEO Jamie Dimon met with Republican lawmakers to address concerns about account closures. Dimon stated that US banks sometimes “push people out of the system” due to vague federal anti-money laundering regulations.
Dimon refuted claims of political or religious bias at Chase, attributing account closures to regulatory pressures that necessitate compliance-driven decisions.
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