The Trump Organization has filed a lawsuit against Capital One, accusing the bank of unjustly closing more than 300 of its accounts in Florida. This legal action comes in response to account terminations that reportedly occurred in June 2021, over four months after the January 6 Capitol riot. The lawsuit, filed in the Eleventh Judicial Circuit Court in Miami-Dade County, claims that these closures have significantly impacted the Trump Organization and related entities' ability to manage their finances.
The plaintiffs in the case include the Donald J. Trump Revocable Trust, DJT Holdings, DJT Holdings Managing Member, DTTM Operations, and Eric Trump. Eric Trump, who runs the Trump Organization alongside his brother Donald Trump Jr., said the account closures caused the companies to suffer millions of dollars in damages. He labeled the actions as a "clear attack on free speech and free enterprise."
The Trump Organization contends that Capital One closed the accounts due to political bias, stating that the bank "de-banked' Plaintiffs' Accounts because Capital One believed that the political tide at the moment favored doing so." However, a spokesperson for Capital One countered this claim, stating emphatically, "Capital One has not and does not close customer accounts for political reasons."
Alejandro Brito, the attorney representing the Trump Organization, suggested that this lawsuit might not be an isolated case. According to Brito, the company is "contemplating other suits against financial organizations that engaged in similar conduct," indicating potential future legal battles with other financial institutions.
Eric Trump also expressed concerns that the closures were attempts to "silence and undermine the success of the Trump Organization." The lawsuit seeks a declaratory judgment to confirm that the bank improperly terminated the accounts, alongside punitive and other monetary damages for what it described as "the devastating impact" on their business operations.
In addition to seeking damages, the Trump Organization aims to restore its financial operations to their previous state, having maintained hundreds of accounts with Capital One for decades before these unexpected closures. The organization argues that these actions have restricted their capability to conduct transactions and access funds critical to their business.
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