Capital One Defends 2021 Account Closures Amid Trump Lawsuit

In mid-2021 Capital One terminated roughly 385 bank accounts linked to the Trump Organization, its son Eric Trump, and affiliated businesses such as a winery, a bottled-water company and a golf-course developer. The closures occurred after a month-long internal anti-money-laundering (AML) review, according to a 23-page motion filed in federal court in the Southern District of Florida. The Trump-affiliated entities responded with a lawsuit alleging that the terminations were politically motivated retaliation for the January 6, 2021 Capitol attack. Capital One has now asked Judge Roy Altman to dismiss the amended complaint permanently.

NPRThe HillCapital One says it closed hundreds of Trump's bank accounts in 2021 'for anti-money laundering reasons' Washington Examiner

The dispute is part of a broader wave of litigation filed by Trump-aligned entities against major banks after the former president returned to office in 2024. A parallel suit against JPMorgan Chase, also alleging “de-banking,” remains pending. In August 2025 President Trump issued an executive order directing regulators to curb politically motivated account closures, reflecting longstanding conservative concerns about “de-banking” of political allies.

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• Accounts closed: Approximately 385 Trump-related accounts (the Trump Organization’s filing cites “more than 300”).

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• Penalty paid by Capital One: $390 million to the Financial Crimes Enforcement Network (FinCEN) for prior AML deficiencies, paid two months before the closures.

The Hill

• It emphasizes that the decision was confidential, that the plaintiffs were given several months—and extensions—to relocate their funds, and that the bank had no contractual obligation to disclose its internal findings. Capital One also argues that federal banking-secrecy law would have barred any disclosure of AML investigations, even if it had chosen to share them.

NPR

• A spokesperson for the organization described the bank’s post-hoc justification as “completely baseless.”

Capital One says it closed hundreds of Trump's bank accounts in 2021 'for anti-money laundering reasons'

• Judge Roy Altman: In March, Altman dismissed an earlier version of the suit on the ground that a bank’s discretionary termination clause cannot be second-guessed in court. He allowed the plaintiffs a limited discovery period to file an amended complaint, which they did in July.

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Trump-aligned attorneys contend that Capital One’s AML rationale is a “post-factum” invention designed to mask political bias. They argue that the bank’s “woke” beliefs prompted the closures, framing the action as part of a broader pattern of financial institutions targeting conservative figures.

Washington Examiner

• The exact content of these redacted passages is unknown.

NPR

• Other banks’ actions: It is unclear whether any other financial institutions raised AML concerns about the Trump Organization’s accounts after Capital One’s closure.

UsNews and World Report

• Bank-secrecy claim: Capital One’s reliance on the Bank Secrecy Act to withhold internal AML findings creates a factual gap, as the specific transactions or patterns that triggered the review have not been disclosed.

NPR

Capital One has asked Judge Altman to dismiss the second amended complaint without allowing another filing. The bank also seeks to keep a portion of an exhibit sealed, citing protection of employee names, account numbers and compensation details under the Bank Secrecy Act. The judge’s forthcoming decision will determine whether the Trump Organization can pursue further legal recourse over the 2021 account closures.

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