Capital One Denies "Woke" Bias in Trump Account Closures
Capital One is pushing back hard against claims that it shut down accounts tied to the Trump Organization for political reasons. In a new court filing, the bank says the closures came down to an internal anti-money laundering review, nothing more.
The filing, submitted Friday, July 31, in U.S. District Court in the Southern District of Florida, states plainly that documents and even the plaintiffs' own allegations make clear the accounts were closed for anti-money laundering reasons. Importantly, Capital One has never accused the Trump Organization of actually laundering money. The bank's position is that the closures followed standard internal review procedures, not any specific wrongdoing finding.
How This Started
Capital One first notified the Trump Organization of its intent to close more than 300 linked accounts back in March 2021. According to the filing, that decision came after a review by the bank's anti-money laundering team, conducted in line with internal bank policy and broader regulatory guidance.
The plaintiffs in the case are the Donald J. Trump Revocable Trust, Eric Trump and other Trump-affiliated entities. The Trump Organization and Eric Trump didn't take legal action right away. The lawsuit came four years later, filed in a Florida federal court in March 2025. Their claim: the account closures were politically motivated, driven by what they described as Capital One's "woke" leanings and an attempt to capitalize on the political climate following the January 6, 2021, riot at the U.S. Capitol.
This is not the first time the lawsuit has faced a legal test. U.S. District Judge Roy Altman, a Trump appointee, dismissed two earlier versions of the complaint, though he gave the plaintiffs a limited discovery period each time to refile. Capital One's Friday filing argues that the plaintiffs' latest attempt, their Second Amended Complaint, "suffers from the same fundamental flaws as their prior two pleadings" and should be dismissed permanently, without another opportunity to amend.
Capital One's Response
The bank isn't mincing words in its rebuttal, calling the lawsuit's allegations misguided and accusing the plaintiffs of relying on cherry-picked quotations to build their case. Capital One is now asking the court to dismiss the suit entirely.
Part of the bank's defense leans on regulatory standards more broadly. The filing states that the transaction patterns Capital One flagged internally are consistent with the kinds of activity federal banking guidance specifically calls out for review, framing the account closures as routine compliance rather than a targeted decision.
Neither Capital One nor the Trump Organization responded to requests for comment on the latest filing.
Part Of A Bigger Pattern
This isn't the first time Trump has clashed with major banks over account access or financial disclosure. During his first term, he sued both Capital One and Deutsche Bank in an effort to block them from complying with subpoenas seeking information about his family's finances.
More recently, in August 2025, Trump signed an executive order barring banks and regulators from engaging in what the order calls politicized or unlawful "debanking," specifically prohibiting financial institutions from denying services based on a customer's political or religious beliefs, or their lawful business activities.
The Capital One dispute isn't an isolated case, either. In January, Trump filed a separate lawsuit against JPMorgan Chase, accusing the bank and CEO Jamie Dimon of discriminating against him improperly. JPMorgan responded with a public statement denying any political or religious basis for account closures, saying the bank only closes accounts when they present legal or regulatory risk, adding that while such decisions aren't taken lightly, they're often necessary given existing rules and regulatory expectations.
Curious for more stories that keep you informed and entertained? From the latest headlines to everyday insights, YourLifeBuzz has more to explore. Dive into what’s next.