Trump Organization Sues Capital One

The Trump organization has filed a lawsuit against Capital One, claiming the bank unjustly closed over 300 of its accounts due to political bias linked to the Trump family’s conservative affiliations since 2021.

Lawsuit Assertions

The suit alleges that Capital One’s decision was motivated by a desire to distance itself from Trump and his political views, labelling the closures as actions driven by unwarranted, “woke” beliefs.

> “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.”

The lawsuit emphasizes the significant financial harm caused to the Plaintiffs and claims that Capital One’s actions reflect a growing trend among financial institutions in the U.S. to restrict banking access based on political views.

Broader Context

This legal action follows Trump’s criticisms of both Bank of America and JPMorgan Chase, where he urged them to stop denying services to conservatives. In a January World Economic Forum session, Trump urged these banks to restore banking access to those unfairly excluded from the system.

The situation highlights a wider discussion on alleged discrimination within the financial sector. Recently, after meeting with Republican lawmakers, JPMorgan Chase CEO Jamie Dimon acknowledged that banks sometimes push individuals out of the system due to ambiguous federal anti-money laundering regulations, denying any bias regarding political or religious affiliations.

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