The Trump Organization has launched a lawsuit against Capital One, alleging that the bank closed hundreds of President Donald Trump-linked accounts for politically motivated reasons.
What Happened: The Trump Organization claims that Capital One has closed numerous accounts related to the Trump family due to “woke” political motivations.
Eric Trump, the executive vice president of the Trump Organization, expressed his frustration over the situation, stating that transferring over 300 bank accounts was a challenging task.
He clarified that these accounts were linked to various business ventures, including hotels, golf courses, residential and commercial buildings, retail outlets, skating rinks, and parking garages. He denied any political affiliation, emphasizing that the only common factor was the Trump name.
"I can't tell you how hard it is to change more than 300 bank accounts – and for no reason whatsoever. These were hotels and golf courses, residential buildings and commercial buildings, retail outlets and skating rinks and parking garages,” Eric Trump told Fox News.
Also Read: EXCLUSIVE: Eric Trump Declares Bitcoin The Future, Details Tax-Free Crypto Goals For Trump Presidency
"There was no political affiliation. The only common denominator was that they wore the Trump name," he added.
Capital One, on the other hand, has denied these allegations, asserting that it does not terminate customer accounts due to political reasons. According to the lawsuit filed in the Eleventh Judicial Circuit of Florida, the bank had notified the Trump Organization in March 2021 about the closure of hundreds of their bank accounts, which held millions of dollars.
The lawsuit suggests that Capital One is part of a growing trend among major financial institutions to de-bank clients with conflicting political views. The Trump Organization is seeking to highlight this issue, which it deems to be of significant public interest and importance.
Insiders have hinted to Fox News that other banks, including Chase, Bank of America, and TD Bank, have also cut ties with Trump and may face similar lawsuits in the near future.
Why It Matters: This lawsuit comes at a time when financial institutions are under scrutiny for their political affiliations and actions.
The Trump Organization’s lawsuit against Capital One could potentially set a precedent for other businesses who feel they have been unfairly treated by banks due to their political affiliations.
The outcome of this case could have far-reaching implications for the banking industry and its relationship with politically affiliated clients.
Read Next
Eric Trump Outraged Over Hefty Fine In NY Civil Fraud Case: ‘My Father Built A Skyline In New York City … This Is The Thanks He Gets’
Image: Shutterstock
