Capital One Shuts Down Trump Organization Accounts Following Review
WHO:
The Guardian - Capital One Financial, Trump Organization, Eric Trump (son of Trump), U.S. President Donald Trump
WHAT:
The Guardian - Capital One's filing states that the Trump Organization's allegations of political pretext are "misguided" and "based on cherry-picked quotations unsupported by the full context" of documents submitted to the court.
Yahoo Finance - Capital One's latest filing, submitted in July 2026, "suffers from the same fundamental flaws as their prior two pleadings."
Yahoo Finance - The federal court in Miami has dismissed two complaints in the Capital One case but allowed the plaintiffs to submit an amended complaint.
Yahoo Finance - The latest version of the complaint was filed in July 2026 and "suffers from the same fundamental flaws as their prior two pleadings."
The Guardian - Capital One closed more than 300 Trump-affiliated bank accounts.
Yahoo Finance - Capital One stated it closed the accounts after a review by anti-money laundering experts.
Yahoo Finance - The Trump Organization and Eric Trump filed a lawsuit in March 2025.
Yahoo Finance - The federal court in Miami has dismissed two complaints in the Capital One case.
WHERE:
Yahoo Finance - The lawsuit was filed in a Florida federal court.
WHEN:
The Guardian - Capital One gave notice of account closures in March 2021.
Yahoo Finance - The Trump Organization and Eric Trump filed a lawsuit in March 2025.
Yahoo Finance - Trump signed an executive order in August 2025 barring discriminatory debanking.
WHY:
Alternet - Critics have described Trump's economic policies as "crony capitalism" and "communism of pelf," particularly regarding a $1.776 billion slush fund intended for Trump supporters claiming government persecution.
Alternet - Legal commentator Katie Phang noted that the Judgment Fund is used to pay out settlements stemming from Federal Tort Claims Act litigation, which requires a legitimate Department of Justice review.
Yahoo Finance - Capital One stated that the Trump Organization's allegations of political pretext were "misguided" and "based on cherry-picked quotations unsupported by the full context" of documents submitted to the court.
The Guardian - The lawsuit alleges that the accounts were closed due to Capital One's "woke" beliefs and political motivations following the January 6, 2021 riot at the U.S. Capitol.
Yahoo Finance - Capital One argues that the closures were for anti-money laundering reasons.
HOW:
The Guardian - The closures were the result of months of analysis and a careful review by Capital One’s anti-money laundering team in accordance with bank policies and regulatory guidance.
(UPDATED August 2, 2026 17:54 UTC)
Capital One's recent filing argues that the Trump Organization's claims of political bias are misguided and rely on selective quotations that lack full context, while also stating that this latest submission suffers from the same issues as previous filings. Critics have labeled Trump's economic policies as crony capitalism and have raised concerns about a $1.776 billion fund intended for supporters alleging government persecution. Legal expert Katie Phang emphasized that the Judgment Fund, which is used for settlements related to Federal Tort Claims Act litigation, necessitates a thorough review by the Department of Justice.
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(UPDATED August 2, 2026 11:14 UTC)
A federal court in Miami has dismissed two complaints in the Capital One case but is allowing the plaintiffs to submit an amended complaint. The latest version of the complaint, filed in July 2026, reportedly suffers from the same fundamental flaws as the previous two pleadings. Capital One has responded by stating that the Trump Organization's allegations of political pretext are misguided and based on cherry-picked quotations that lack the full context of the documents submitted to the court.
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(UPDATED August 2, 2026 07:30 UTC)
Capital One Financial has closed over 300 bank accounts affiliated with Trump, citing a review by anti-money laundering experts as the reason for the closures. The Trump Organization and Eric Trump filed a lawsuit in a Florida federal court in March 2025, alleging that the account closures were motivated by political beliefs following the January 6 riot at the U.S. Capitol, but the court has since dismissed two complaints in the case. In response to these events, Trump signed an executive order in August 2025 that prohibits discriminatory debanking practices.