Capital One has filed a court response in the lawsuit brought by the Trump Organization over the closure of more than 300 accounts, asserting that the decision was based on an anti-money laundering risk assessment, not political motives. This marks the first time a bank has formally cited anti-money laundering concerns as a key factor in ending its business relationship with the businesses of President Donald Trump. Capital One gave notice of its intent to close the accounts in March 2021, following the riot at the U.S. Capitol. Then, in March 2025, the Trump Organization and Eric Trump, the president's son, sued in federal court in Florida, alleging the bank closed the accounts because of a woke political stance. The case has already been dismissed twice, but the court has allowed the plaintiffs to file an amended complaint. Capital One contends that the latest complaint still suffers from the same fundamental flaws as the two prior versions, and argues that the allegations of political motivation are a misunderstanding, citing excerpts from documents without considering the full context.
Capital One Financial CorporationCapital One defends account closures citing AML compliance, but legal outcome uncertain.
Trump Organization's lawsuit faces dismissal; impact depends on legal proceedings.