MIAMI—President Donald Trump and his businesses are urging a federal judge to allow their lawsuit against Capital One to proceed, arguing the bank improperly monitored them and shut down more than 300 accounts “for no reason other than politics,” Law360 reported.
In a filing Monday opposing Capital One’s latest motion to dismiss, the Trump entities doubled down on claims the bank’s actions following the Jan. 6, 2021, attack on the U.S. Capitol amounted to politically motivated “debanking.”
Capital One has offered a sharply different explanation, telling the U.S. District Court for the Southern District of Florida that the accounts were closed following months of review by its anti-money-laundering specialists. The bank said its records and the plaintiffs’ own allegations show the closures were based on AML concerns and were carried out in accordance with bank policies and regulatory guidance. Capital One has not accused Trump, his family or the Trump Organization of money laundering.
Capital One notified Trump-affiliated entities in March 2021 that it intended to close more than 300 accounts, providing roughly three months’ notice and later granting extensions to allow funds to be moved, according to court filings. The Trump Organization and Eric Trump sued in 2025, contending the AML explanation is a pretext and that Capital One acted because of its political views. Capital One counters that its deposit agreement permitted it to terminate accounts “for any or no reason” and has called the plaintiffs’ political-bias allegations misguided and based on selectively quoted documents.
The dispute comes amid a broader fight over alleged political debanking. Trump and affiliated businesses also are suing JPMorgan Chase and CEO Jamie Dimon for $5 billion over alleged politically motivated account closures, while federal banking regulators have been examining claims that banks denied services based on customers’ political or religious beliefs. Capital One’s case has already survived several procedural rounds, with a federal judge previously dismissing earlier versions of the complaint while allowing the Trump entities opportunities to amend their claims.