Listen To Story Above
de-banking The Trump Organization has taken legal action against Capital One, filing a lawsuit in a Florida circuit court on Friday. The complaint alleges that the bank violated multiple consumer protection laws by abruptly closing the organization’s accounts in June 2021 without providing any justification. At the time these accounts held substantial funds amounting to millions of dollars.
The lawsuit contends that Capital One’s decision was driven by “political and social motivations” stemming from the bank’s “unsubstantiated, ‘woke’ beliefs” that it needed to distance itself from former President Trump and his conservative political stance. It accuses the bank of effectively “de-banking” the plaintiffs’ accounts due to the perception that the current political climate favored such a move.
https://twitter.com/mib_63/status/1898092525845688491
“In addition to the considerable financial detriment suffered by Plaintiffs and their affiliated entities, Capital One’s reckless action is emblematic of an escalating trend among financial institutions in the United States to sever a consumer’s access to banking services if their political views conflict with those of the institution,” the complaint continues. “Capital One’s conduct exemplifies a systemic, subversive industry practice aimed at coercing the public to shift and realign their political views.”
Eric Trump stated to X that the lawsuit aims to hold Capital One accountable for the millions of dollars in damages inflicted not only on their company but also on the numerous properties, hundreds of tenants, and thousands of Trump Organization employees who depended on these accounts for their livelihoods.
“Businesses should not be targeted or penalized for their political affiliations,” he added. “The actions taken by Capital One and other major financial institutions set a perilous precedent that could jeopardize the operations of countless businesses across the nation, particularly those with a strong and independent voice.”
“This lawsuit, and those that may follow, are necessary steps to safeguard the integrity of American business practices and ensure that no company or individual is unfairly targeted for their beliefs, affiliations, or business activities,” Eric Trump continued. “We will not stand idly by while big banks misuse their power to stifle businesses and harm innocent Americans.”
https://twitter.com/EricLDaugh/status/1898064376676176186
The lawsuit highlights that the banking industry’s practices “are so rampant that at least sixteen Attorneys General have pleaded that Bank of America take note of its history of de-banking consumers and legal businesses for their political views and reform its banking practices,” and that Congress has “also been advised that de-banking is a glaring issue that must be addressed.”
“In response, Bank of America and JP Morgan Chase CEOs have not only denied that their companies engage in de-banking, but they are lobbying to shape the narrative and favorably regulate de-banking practices going forward,” the lawsuit alleges.
In a statement to the New York Times, a Capital One spokesperson denied the accusations detailed in the complaint and said the bank “has not and does not close customer accounts for political reasons.”
