Generated

Capital One seeks to dismiss lawsuit from President Donald Trump over political 'debanking' of business accounts

Capital One has requested a federal judge to dismiss a lawsuit filed by President Donald Trump and his affiliated business entities regarding the closure of approximately 385 bank accounts in 2021. The Trump Organization alleges the bank closed the accounts due to political bias following the Jan. 6 Capitol riot, a practice conservatives describe as 'debanking.' However, Capital One argues in a new motion that the closures were the result of a monthslong anti-money-laundering review rather than political retaliation. The bank noted that its financial-crimes team, staffed by law enforcement experts, conducted a careful analysis to identify the accounts for closure. Capital One also highlighted that it had been fined $390 million by the Financial Crimes Enforcement Network for previous anti-money-laundering program issues. The Trump Organization claims the bank manufactured a post-hoc rationale to conceal a politically motivated decision. The case is currently pending in the U.S. District Court for the Southern District of Florida under Judge Roy Altman.

Sources